This is essentially regulatory capture. The article is very lax on calling it what it is.
A few things to consider:
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Laws can't be applied retroactively, this would essentially close the door behind Openai, Google and Microsoft. Openai with sora in conjunction with the big Hollywood companies will be the only ones able to do proper video generation.
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Individuals will not be getting paid, databrokers will.
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They can easily pay pennies to a third world artist to build them a dataset copying a style. Styles are not copyrightable.
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The open source scene is completely dead in the water and so is fine tuning for individuals.
Edit: This isn't entirely true, there is more leeway for non commercial models, see comments below.
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AI isn't going away, all this does is force us and the economy into a subscription model.
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Companies like Disney, Getty and Adobe reap everything.
In a perfect world, this bill would be aiming to make all models copyleft instead but sadly, no one is lobbying for that in Washington and money talks.