#BTCBreaksATH According to Cointelegraph, U.S. President Donald Trump swiftly rescinded several executive orders issued by former President Joe Biden on his first day back in the White House, including a sweeping order on artificial intelligence (AI). The president's list of actions on Jan. 20 included the repeal of Biden's 2023 executive order that had set standards for AI safety and security. This order required AI developers to share information on safety testing with the government.

Trump criticized Biden's AI regulations, calling them overly restrictive and harmful to technological innovation. He argued that such regulations stunt creativity and economic growth. The Republican Party's 2024 platform reflected this sentiment, calling Biden's order a hindrance to AI innovation. The platform advocates for AI development that supports free expression and human flourishing.

Prominent technology executives, including Meta's Mark Zuckerberg, Amazon's Jeff Bezos and Google's Sundar Pichai, were present at Trump's inauguration on January 20. This event underscored the tech industry's alignment with Trump's stance on AI regulation. Meanwhile, US companies are accelerating their AI initiatives, with Microsoft announcing the establishment of two AI centers in Abu Dhabi in September, marking significant AI investments in 2024.

Biden's executive order, signed in October 2023, had outlined a framework for AI with six main points focused on ethical use of AI in government, practices to protect citizens' privacy and protecting consumer privacy. The order also included reporting mechanisms for companies and guidance from the National Institute of Standards and Technology to identify biases in language models.