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Attorneys general urge Congress to reject ban on state AI laws
Republican and Democratic attorneys general from 35 states and the District of Columbia have sent a letter to congressional leaders calling on them to reject a ban on states’ ability to enact artificial intelligence (AI) laws. “While AI promises to be a transformative technology in numerous fields, it also poses significant risks – notably to…
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Navigating the new crypto tax landscape
Walter Hellerstein, Distinguished Research Professor Emeritus at the University of Georgia Law School, and Andrew Appleby, associate professor at the University of Tennessee, explore the state tax implications of federal income tax guidance on cryptoassets. The Working Group on Digital Asset Markets released a 160-page document titled “Strengthening American Leadership in Digital Financial Technology,” which…
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SEC drops SolarWinds cyber case
The SEC has dismissed its high-profile lawsuit against SolarWinds and its chief information security officer, Timothy Brown, over the 2020 Russia-linked Sunburst cyberattack. The case, filed in 2023, accused the firm of hiding security flaws but faced judicial pushback and industry criticism. A joint motion to dismiss with prejudice was filed Thursday. SolarWinds welcomed the…
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Internal audit profession faces existential pressures faced by finance leaders
A global survey of 213 internal audit leaders by AuditBoard has revealed the profession is under acute strain, challenged by stagnant resources, the rapid rise of AI, and a persistent identity crisis. Despite the belief that AI will transform internal audit within five years, only 28% of leaders feel confident in their teams’ ability to…
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FASB tackles crypto accounting challenges
The FASB has added a project to its technical agenda focused on the accounting for cryptocurrency asset transfers. The initiative aims to expand the existing 2023 standard on crypto assets to include wrapped tokens and receipt tokens, while also clarifying derecognition guidance for crypto transfers. Stakeholders have expressed concerns about unresolved accounting challenges that lead…
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Meta wins antitrust case over apps
A federal judge has ruled that Meta Platforms does not hold a social media monopoly, dismissing the U.S. Federal Trade Commission’s bid to force a breakup of Instagram and WhatsApp. The FTC alleged that Meta acquired the platforms to suppress competition, but the court sided with Meta, marking a major victory for Big Tech and…
