Federal Reserve's Inflation Concerns, Crypto Company Fraud, and AI Regulation Bill

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The Federal Reserve is concerned about inflation being above target, with some members considering rate cuts. Terraform Labs was fined for fraud in the crypto sector, raising funds by selling unregistered digital securities. A new bill aims to regulate AI companies, requiring safety protocols and a kill switch for emergency shutdown.

The Federal Reserve held borrowing costs at a 23-year high yesterday, and Terraform Labs has agreed to pay $4.47bn in a case brought by the US Securities and Exchange Commission. Plus, tech companies launch a fight against a proposed California law to introduce a ‘kill switch’ on AI models.

Mentioned in this podcast:

Fed officials signal just one interest rate cut before end of 2024

Silicon Valley in uproar over Californian AI safety bill

US inflation falls to 3.3% in May in boost to markets

Terraform Labs to pay $4.5bn in SEC fraud case

The FT News Briefing is produced by Fiona Symon, Sonja Hutson, Kasia Broussalian and Marc Filippino. Additional help from Breen Turner, Sam Giovinco, Peter Barber, Michael Lello, David da Silva and Gavin Kallmann. Our engineer is Monica Lopez. Our intern is Prakriti Panwar. Topher Forhecz is the FT’s executive producer. The FT’s global head of audio is Cheryl Brumley. The show’s theme song is by Metaphor Music.

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