Close Menu
fintechbits
  • News
  • AI
  • Acquisitions
  • Trends
  • Insights
  • Rumors
  • Startups
  • finjobsly

Subscribe to Updates

Get the latest news from Fintechbits.

Trending Now

Startup fintech payment app uncovers

October 2, 2025

UNDOLVE AI reports financial growth alongside a rise in liabilities.

October 2, 2025

Startup founders showcase their fintech innovations to conclude the accelerator program.

October 1, 2025

What $9.6T Daily FX Trading Means for Fintech Startups

October 1, 2025
Facebook X (Twitter) Instagram
Trending
  • Startup fintech payment app uncovers
  • UNDOLVE AI reports financial growth alongside a rise in liabilities.
  • Startup founders showcase their fintech innovations to conclude the accelerator program.
  • What $9.6T Daily FX Trading Means for Fintech Startups
  • AI Masterclass prepares financial leaders for the digital era.
  • Has the Texas Senate authorized the XRP reserve bill for purchasing $100 million in XRP annually?
  • Sofi Technologies speeds up advancements in financial technology
  • Charlie Javice receives a 7-year sentence for defrauding JPMorgan: the story of a 32-year-old CEO who was once featured on Forbes’ 30 under 30 list and deceived the largest bank in the U.S.
Facebook X (Twitter) Instagram Pinterest Vimeo
fintechbits
  • News

    What $9.6T Daily FX Trading Means for Fintech Startups

    October 1, 2025

    How Finjobsly is Helping Candidates Connect With Fintech Firms

    September 29, 2025

    AI-powered fintech job platform Finjobsly.com Launches

    September 16, 2025

    FCCPC recoups 10 billion naira for harmed customers after grievances against banks and fintech companies

    September 11, 2025

    Hyderabad Fintech Viyona secures NPCI approval to function as a third-party application provider.

    September 11, 2025
  • AI

    UNDOLVE AI reports financial growth alongside a rise in liabilities.

    October 2, 2025

    AI Masterclass prepares financial leaders for the digital era.

    October 1, 2025

    Coinbase Executive States that AI Agents Require Cryptocurrency for Large-Scale Operations

    October 1, 2025

    Hackensack Meridian Health Collaborates with IA and Detection Dogs for Cancer Research

    October 1, 2025

    Maximor raises $9 million to expand its AI finance automation.

    September 30, 2025
  • Acquisitions

    Amazon concludes its acquisition of the Indian lender Axio, expanding its fintech efforts.

    September 11, 2025

    The incident involving the Kaustubh Kulkarni movement in Moomoo

    September 3, 2025

    Overview of Acquisitions for US Fintech Companies from the Clifford Chance Guide

    September 2, 2025

    Dentons guides PEAC Solutions in acquiring Fintech Topi

    August 29, 2025

    Truckstop.com purchases the denim division of the transport finish company

    August 24, 2025
  • Trends

    Expansion of the Blockchain and Fintech Sectors in Tokenization

    September 30, 2025

    Expansion and Investment Prospects in the GCC Fintech Sector

    September 25, 2025

    Current Trends in Financial Technology | Teammate | Wolters Kluwer

    September 25, 2025

    Future Business Prospects in the Fintech Market from 2025 to 2032

    September 24, 2025

    Overview of the Size, Trends, Growth Drivers, and Key Players in India’s Fintech Sector

    September 5, 2025
  • Insights

    What $9.6T Daily FX Trading Means for Fintech Startups

    October 1, 2025

    Exploring the Boundaries of Technology: Advantages of the Fintech Sector

    September 30, 2025

    Examining the recent evaluation of Up Fintech following new analyst coverage that emphasizes its growth prospects.

    September 24, 2025

    Riyadh Establishes a New Benchmark with Record 20/20 Middle East Funds, Enhancing Saudi Arabia’s Influence

    September 21, 2025

    Safaricom enhances M-Pesa to Fintech 2.0, enabling 6,000 transactions every second.

    September 19, 2025
  • Rumors

    Has the Texas Senate authorized the XRP reserve bill for purchasing $100 million in XRP annually?

    October 1, 2025

    Bitcoin and Ethereum dominate the market surge

    September 23, 2025

    Dogecoin price aims for $0.30 as the launch of Doje ETF boosts market optimism.

    September 18, 2025

    Pi Network price hits a new all-time low amid delimitation speculation on OKX and Mexc.

    September 11, 2025

    Tether’s Bitcoin Sale for Gold: CEO Paolo Ardoino Shares the Facts

    September 8, 2025
  • Startups

    Startup fintech payment app uncovers

    October 2, 2025

    Startup founders showcase their fintech innovations to conclude the accelerator program.

    October 1, 2025

    Charlie Javice receives a 7-year sentence for defrauding JPMorgan: the story of a 32-year-old CEO who was once featured on Forbes’ 30 under 30 list and deceived the largest bank in the U.S.

    October 1, 2025

    Japan Unleash Capital Partners secures funding to support Indian fintech startups focused on young girls.

    October 1, 2025

    Charlie Javice receives a seven-year sentence for fraud.

    September 30, 2025
  • finjobsly
fintechbits
Home » Controversial California bill to prevent AI disasters goes to Newsom despite pushback from big tech companies
AI in Finance

Controversial California bill to prevent AI disasters goes to Newsom despite pushback from big tech companies

4 Mins Read
Facebook Twitter Pinterest Telegram LinkedIn Tumblr Email Reddit
Ad28a570 6478 11ef 8fd7 4ca6ea5bb14e.jpeg
Share
Facebook Twitter LinkedIn Pinterest Email Copy Link

California lawmakers have passed a sweeping artificial intelligence bill, SB 1047, that seeks to establish safeguards for tech companies that develop large AI models. If enacted, SB 1047 would radically change the way major AI companies operate, leading to pushback from major players like OpenAI, Meta (META), and Google (GOOG, GOOGLE).

Gov. Gavin Newsom has not indicated whether he plans to veto SB 1047.

In an interview with Yahoo Finance’s Brian Sozzi WednesdaySalesforce (CRM) CEO Marc Benioff stressed the importance of regulation. “When it comes to AI safety, it has to be in everyone’s interest to make sure that these AI models don’t get out of control,” Benioff said.

“I think these ideas are extremely interesting and deserve to be fully evaluated. And it is worth it.”

Democratic Sen. Scott Wiener, who co-author of the billsays the bill codifies voluntary safety assessments that large AI labs, like Meta, have already committed to. The bill requires developers to spend more than $100 million to build an AI model to conduct safety tests before releasing it. They are required to mitigate risks if testing reveals a model has the potential to cause “catastrophic harm.”

Supporters of the bill, including AI “godfathers” Yoshua Bengio and Geoffrey Hinton, say regulation is essential to address the potential dangers posed by AI models. They argue that the government has not done enough to address this threat.

“SB 1047 is a much-needed step to advance long-term safety and innovation in the AI ​​ecosystem, including encouraging AI safety research and development,” Bengio, a professor of computer science at the University of Montreal, told Yahoo Finance.

California Artificial Intelligence Bill - SB1047. California Artificial Intelligence Bill - SB1047.

California Artificial Intelligence Bill SB 1047.

Tesla (TSLA) Apple CEO Elon Musk, who also owns xAI, expressed support for X this week but said it was a “difficult decision.”

“I think California should probably pass SB 1047 on AI safety. For over 20 years, I have been an advocate for regulating AI, just as we regulate any product/technology that poses a potential risk to the public,” he wrote.

Elon Musk has previously urged AI labs to halt development of systems that can rival human intelligence, citing potential risks to society. However, he has also been highly critical of California state officials.

SB 1047 is co-sponsored by the Center for AI Safety Action Fund, Economic Security California Action, and Encode Justice. “It’s long past time that we hold Big Tech accountable for their outsized influence and unchecked power,” Teri Olle, director of Economic Security California, said at the meeting.

“We need legislative solutions like SB 1047 to reverse the trend and ensure that the public can decide how critical technology benefits society as a whole.”

A poll released this week by the Artificial Intelligence Policy Institute, a nonprofit that advocates for the safe development of AI, found that 7 in 10 Californians support the bill and more than 60% of respondents said they would partly blame Governor Newsom for future AI-related incidents if he vetoed it.

San Francisco Mayor London Breed, a longtime Wiener ally, announced that she opposed the bill. “I share your desire for AI to develop in a safe and sustainable manner, and I agree with the overall intent of your legislation,” Breed wrote in a letter to Wiener. “With more time and collaboration, I am confident that we can find a solution that addresses many of the concerns raised in recent months while allowing this emerging field to develop in a safe and sustainable manner.”

Breed joins a growing list of California Democrats in Congress who oppose the measure, including former House Speaker Nancy Pelosi and Reps. Ro Khanna, Zoe Lofgren, Anna Eshoo, Scott Peters, Tony Cárdenas, Ami Bera, Nanette Diaz Barragan and Lou Correa.

The bill has been amended several times to assuage the fears of AI opponents, including those backed by Amazon (AMZN) Anthropogenic. Key amendments include eliminating the state regulatory agency formerly called the Frontier Model Division and removing criminal penalties, while civil penalties remain.

Additionally, if an open source developer spends less than $10 million to refine an existing model, liability falls to the original developer of the model. The attorney general’s ability to seek civil penalties is limited to situations where “harm has occurred or there is an imminent threat to public safety.”

Governor Newsom has until September 30 to sign or veto the bill. When asked if he was confident the bill would pass, Wiener said, “The governor has made statements that are very consistent with my own thinking: Regulation may be appropriate in this case, and we want to make sure that we also foster innovation.”

Yasmin Khorram is a senior journalist at Yahoo Finance. Follow Yasmin on Twitter/X @Yasmin Khorram and on LinkedInSend interesting information to Yasmin: yasmin.khorram@yahooinc.com

Click here for the latest tech news that will impact the stock market

Read the latest financial and business news from Yahoo Finance

Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

UNDOLVE AI reports financial growth alongside a rise in liabilities.

October 2, 2025

AI Masterclass prepares financial leaders for the digital era.

October 1, 2025

Coinbase Executive States that AI Agents Require Cryptocurrency for Large-Scale Operations

October 1, 2025
Leave A Reply Cancel Reply

Latest news

Startup fintech payment app uncovers

October 2, 2025

UNDOLVE AI reports financial growth alongside a rise in liabilities.

October 2, 2025

Startup founders showcase their fintech innovations to conclude the accelerator program.

October 1, 2025
News
  • AI in Finance (1,681)
  • Breaking News (171)
  • Corporate Acquisitions (71)
  • Industry Trends (204)
  • Jobs Market News (309)
  • Market Insights (215)
  • Market Rumors (277)
  • Regulatory Updates (166)
  • Startup News (1,091)
  • Technology Innovations (179)
  • X Feed (1)
About US
About US

FintechBits is a blog delivering the latest news and insights in fintech, finance, and technology. We cover breaking news, market trends, innovations, and expert opinions to keep you informed about the future of finance

Facebook X (Twitter) Instagram Pinterest Reddit TikTok
News
  • AI in Finance (1,681)
  • Breaking News (171)
  • Corporate Acquisitions (71)
  • Industry Trends (204)
  • Jobs Market News (309)
  • Market Insights (215)
  • Market Rumors (277)
  • Regulatory Updates (166)
  • Startup News (1,091)
  • Technology Innovations (179)
  • X Feed (1)
Happening Now

November 28, 2024

“ Intentionally collaborative ”: how the Rotman school of U of T leads Innovation Fintech

February 6, 2025

‘1957 Ventures’ to Drive FinTech Innovation in Saudi Arabia

September 10, 2024
  • About FintechBits
  • Advertise With us
  • Contact us
  • Disclaimer
  • Privacy Policy
  • Terms and services
  • BUY OUR EBOOK GUIDE
© 2025 Designed by Fintechbits

Type above and press Enter to search. Press Esc to cancel.