The Whitehouse has cancelled the October 2023 executive order from the previous administration on AI regulation and oversight as one of many such cancellations now that the new administration is in power. 

The executive order generally called for the development of standards and best practices to address various aspects of AI risk, such as for detecting AI-generated content and authenticating official communications. It also directed government agencies to study things such as how AI could impact the labor market and how agencies collect and use commercially available information. It also emphasizes the development of new technologies to protect privacy rights and bolster cybersecurity, as well as training on AI discrimination, and the release of guidance on how different agencies should be using AI. 

The AP noted that many of the items in the original executive order have been fulfilled already—such as numerous studies on things like cybersecurity risks and effects on education, workplaces and public benefits—and so there is not that much to repeal in the first place. 

One key provision that is now gone, however, is the requirement that tech companies building the most powerful AI models share details with the government about the workings of those systems before they are unleashed to the public. Opponents of the executive order had long said it would reveal trade secrets and hamstring US tech companies. 

When the EO was first signed, Alex Hangerup, co-founder and CEO of payment automation and insights solutions provider Vic.ai, said the executive order was a good first step, as its scope was ambitious and comprehensive, though expressed concerns that the order has a lot of moving parts and may be difficult to maintain. Asked about his feelings regarding the repeal, he did not seem especially troubled, noting that players in the AI space should be relying on a collaborative framework versus a top-down bureaucratic approach anyway. 

“AI has the potential to be one of the most transformative forces in modern finance, and fostering innovation in this space is critical. The previous Executive Order was a step toward structured oversight, but any AI regulation must strike a balance—protecting against risk while ensuring we don’t stifle progress. The decision to rescind the order underscores the importance of a more adaptive, market-driven approach to AI governance. Rather than relying on rigid top-down mandates, we need a collaborative framework that evolves with the technology. Responsible AI development doesn’t mean excessive bureaucracy; it means accountability, transparency, and engagement with the businesses actually building these solutions. At Vic.ai, we believe the future of AI in accounting—and across industries—depends on fostering innovation while ensuring AI remains a force for accuracy, efficiency, and trust,” he said. 

Pascal Finette, co-founder and CEO of technology consulting firm “be Radical,” at the time said the order seemed to be crafted by people who didn’t really understand AI much in the first place, and many of its provisions seemed more motivated by fear and worry, pointing to language that infers AI is a weapon which must be controlled. Overall, at the time, he said the order felt far reaching and somewhat reactionary given its focus on foundational models, and said regulation would be much easier applied at the application level. Overall, though, he wasn’t very concerned there would be any direct impacts on the accounting solutions space, as most vendors don’t create their own models but instead rely on those created by other companies that may or may not fall under the executive order. 

When asked what he thought about the repeal, he repeated that many of the original provisions didn’t seem that thought out and so it was good some of the more ill-conceived aspects will be cancelled, though it leaves open questions about sustainability and responsibility. 

“I’d say (with probably anything Trump says or does), it’s too early to tell. On one hand, I think it’s good and useful that we removed this somewhat ill-advised policy; on the other hand, there are huge question marks around the responsible and long-term sustainability of AI and its impact on society and businesses,” said Finette.

Aaron Harris, chief technology officer at practice management solutions provider Sage, said at the time the executive order was signed that it was an important step forward, given the rapid proliferation of AI technologies. He felt at the time that the order sets the appropriate tone for AI development, as it emphasizes safe and responsible uses. Today, he said there is need to simultaneously nurture and support AI innovation while recognizing SMEs need to feel confident they’re working with technology partners who adhere to safe, ethical AI development practices. Harris added that the Trump administration’s decision to cancel the executive order doesn’t change this fundamental relationship.  

“AI remains one of the greatest opportunities of our time. And as AI evolves, it’s expected that governmental policies and regulations around AI will as well. At Sage, our stance remains that AI practices must be ethical and responsible. We are committed to building AI technology for the future that is safe, transparent and trustworthy. As the regulatory landscape evolves, our mission remains clear: to innovate responsibly and empower businesses without compromising ethical standards. In the U.S., I am optimistic that the current administration will continue to create opportunities to evolve and accelerate AI innovation — improving lives and driving economic growth — while staying true to our duty of upholding the highest standards of ethics and trust,” said Harris.

Amy Matsuo, regulatory insights leader at KPMG, noted in a statement that this might lead to increasing divergence between state and federal regulators. She also pointed out that while there is nothing to replace the executive order, companies should still expect some regulatory focus regarding their AI ambitions.  

“As expected, the new Administration has repealed the previous Administration’s 2023 AI Executive Order, but did not immediately initiate a series of net-new AI actions. To drive US leadership in AI, the new Administration is reportedly looking to expand data center and energy capacity and encourage innovative model development and application. Companies should expect regulatory focus on critical security, national security and sensitive data. However, increased divergence with state and global AI- and privacy-related regulatory activity will increase (with a flurry of 2025 state bills already in motion), resulting in a continued regulatory patchwork as well as likely expanded state AG actions

The news comes around the same time that the administration also announced a $500 billion investment in AI technology.

“The $500 billion investment is pretty nuts—I’m not sure if you saw the comparisons, but it’s a multiple of the cost of the whole Apollo program (in today’s dollars),” said Finette. 

The Financial Accounting Standards Board released a proposed accounting standards update containing a set of targeted improvements to the FASB Accounting Standards Codification. 

The amendments in the proposed ASU involve incremental changes to the codification and would affect a wide range of topics. They would apply to all reporting entities within the scope of the affected accounting guidance.

The proposed ASU would address 34 issues, including issues related to:

• Removing the term “amortized cost” from the Master Glossary;
• Clarifying the calculation of earnings per share when a loss from continuing operations exists;
• Clarifying the calculation of the reference amount for beneficial interests;
• Clarifying the guidance for the transfer of receivables from contracts with customers; and,
• Clarifying the accounting for certain receivables by not-for-profit entities.

FASB is asking for comments by April 22, 2025.

Spend management solution provider Ramp announced the release of Ramp Treasury, which can act as a business or investment account for users. 

Specifically, Ramp Treasury lets businesses store cash in a business account that earns 2.5% interest, or in an investment account with the potential for higher yields, all within the same platform they already use to pay their bills. 

Users can create as many business accounts as they need versus having to juggle multiple accounts and passwords. They can also set a target balance for their Ramp Business Account and top up from their checking account. Upon opening a Ramp Business Account, Ramp will pay users a monthly cash reward, calculated as a percentage of their deposited funds. They begin earning on the first dollar they deposit, and there is no cap to how much they can earn. Earnings are disbursed automatically by Ramp each month. Earnings are paid as cash, versus statement credits or rewards requiring redemption. Instead, the customer can transfer earnings from their Ramp Business Account to be used as cash elsewhere.

Customers can transfer funds in and out of a Ramp Business Account via externally linked commercial or business bank accounts. Funds that are moved may settle as quickly as the same day, but could take as long as five business days. Funds in a Ramp Business Account can be used to pay Ramp statements, Ramp Bill Pay and employee reimbursements. Payments to Ramp statements settle instantly. At this time, the Business Account cannot be used to deposit checks, receive external payments, receive transfers from bank accounts that are not linked to Ramp, or make payments outside of the Ramp platform.

The Ramp Investment Account, meanwhile, allows businesses to invest cash in the Invesco Premier U.S. Government Money Portfolio (FUGXX), a money market fund. Securities products and brokerage services are provided by Apex Clearing Corporation, an SEC-registered broker-dealer. The Investment Account is not a deposit product, not insured by the FDIC, and may lose value.

The launch is part of Ramp’s ambitions to automate more areas of the financial tech stack beyond payments.

“The old treasury playbook meant either constant micromanaging of cash positions and payment dates … or just accepting you’ll lose out on interest. The new playbook is refreshingly simple: let technology do the heavy lifting, so you don’t have to,” said Ramp CEO Eric Glyman. “This is why we created Ramp in the first place. We find every cent you deserve so you can focus on moving your business forward. It’s all about the timeless principle of making every dollar and hour work harder, and go farther.”

While the service acts a lot like a bank account, Ramp is not a bank and therefore is not subject to all the same rules and regulations of a bank (though the accounts are FDIC insured, according to the website). The Business Account is a deposit account offered through First Internet Bank of Indiana, which is the one who provides the bank services. There are no account opening or management fees, no deposit minimums, and no withdrawal restrictions. 

Ramp Treasury allows for unlimited same-day ACH, international wires and domestic wires. It also offers alerts before funds are low or if cash is available to invest. The solution provides support for fully integrated workflows from beginning to end, meaning that cash transfers and earnings automatically sync with a connected ERP system and get categorized in the correct general ledger accounts. The security features allow only authorized people to transfer or release money, and the software provides a comprehensive audit trail. Ramp also makes Ramp for Accounting Firms.