Securities Clarity Act Introduced: Representatives Tom Emmer (R-MN) and Darren Soto (D-FL) introduced a bill that would reduce uncertainty for both crypto investors and issuers. According to Bain Capital Crypto’s Tuongvy Le and Khurram Dara, the bill would help settle much debated legal questions in the crypto space and “make it more difficult for the SEC to argue that many existing tokens are unregistered securities.”

Institutions Embrace Crypto: Traditional financial institutions, such as Nomura and Charles Schwab, are creating new digital asset infrastructure, despite last year’s crypto collapses and increased scrutiny of the space. Some industry participants believe that institutional and retail crypto trading will become separate markets. “It is going to be a two-tier structure with Binance being the face of retail,” said Gautam Chhugani, a senior analyst of global digital assets at Bernstein.

Nvidia Hits a Record: Nvidia briefly hit a $1 trillion market value on Tuesday, the first chip stock to cross the $1 trillion threshold. Shares rose after the company announced new products in the artificial intelligence space. According to Insider, experts see Nvidia as best positioned to provide the graphics processing units (GPUs) that run chatbots like OpenAI’s ChatGPT and Google’s Bard. Earlier this year, 1,000+ technologists and researchers signed another open letter expressing concern over the “out-of-control race” to develop AI and called for a six-month pause on the development of the largest AI models.

AI Experts Issue a Warning: Nonprofit organization the Center for AI Safety released a one-sentence statementsigned by 350+ executives, researchers, and engineers in the artificial intelligence space, including executives from Open AI,  Google DeepMind, and Anthropic. The statement read, “Mitigating the risk of extinction from AI should be a global priority alongside other societal-scale risks, such as pandemics and nuclear war.”

Banks Embrace AI: Wall Street banks are increasingly embracing artificial intelligence, from scanning client portfolios to screening for potential defaulters to looking for talent to using customer service chatbots. From February to April, JPMorgan alone listed 3,651 AI-related job openings. Yet, embracing AI does not come without risk. Warren Buffett expressed his concerns over the rapidly evolving technology at Berkshire Hathaway’s annual meeting, stating, “I know we won’t be able to uninvent it.”