US Senate Passes AI Regulation Bill within "One Big Beautiful Bill Act"
The US Senate has approved the "One Big Beautiful Bill Act," a budget-related bill championed by President Donald Trump. The vote took place on Tuesday, July 2nd, local time, with US Vice President JD Vance presiding over the session.
Following 24 hours of Senate deliberations, the bill passed with a 50-50 vote. This comprehensive legislation includes significant tax cuts, reductions in government spending, increased military and border security allocations, social programs, and, notably, artificial intelligence (AI) regulation.
Despite addressing AI funding, the Senate's bill did not incorporate digital asset taxation for cryptocurrencies, which had been proposed by Wyoming Senator Cynthia Lummis just the day before. The bill has now advanced to the US House of Representatives for further consideration.
It's worth noting that the bill underwent several amendments during its drafting. The Congressional Budget Office has projected that this bill could add an estimated US$3.3 trillion to the federal deficit over the next decade.