The EU has led the world in data privacy regulation with its GDPR. Now, the EU Parliament has set its sight on AI development. In the process of being drafted, a new AI Act will clearly define what AI is and provide rules for its development and implementation. This Act would also define best practices for AI technology and limit its use in high-risk situations, such as facial recognition, for use in law enforcement, and social scoring algorithms. This Act will play a key role in clarifying some major questions regarding AI development. It is legislation such as this that will determine the future of AI globally.