Coinbase CEO Advocates for Freedom of AI Development, Calls for Less Regulation
Summary:
Coinbase CEO, Brian Armstrong, shared his standpoint on AI regulation on social media, arguing that it should not be regulated for quick development and national security reasons. He cited the unrestricted internet era as a model for innovation and suggested AI be decentralized and open-sourced as an alternative to regulation. Despite this, several global jurisdictions are beginning to regulate AI or express concern over its potential impacts, with China implementing its first set of AI rules and the UK investigating AI's effect on competition.
Coinbase's Chief Executive Officer, Brian Armstrong, recently took to social media website X (formerly known as Twitter) to disclose his views on the regulation of artificial intelligence (AI). On the 23rd of September, Armstrong voiced his opinion that AI should be given free reign for development, especially considering factors such as national security. He pointed out the possible unintended negative outcomes regulation may have, despite regulators' noble motives, suggesting it could potentially stifle innovation and competition.
Armstrong positioned the advent of the internet as a similar scenario, where lack of regulation resulted in a bloom of inventive progress. He proposed that the AI sphere could benefit from a similar hands-off approach. In terms of securing the AI environment, Armstrong suggested an alternative path instead of regulation. He proposed dispersing control through open-sourcing and decentralising, which he believes would be more beneficial.
In other news, several jurisdictions around the world have either begun to regulate AI or voiced worries about its possible impacts. On the 15th of August, temporary AI activity and management protocols were put into effect in China. These were announced on the 10th of July, with the collaboration of six different government agencies, marking China's first step towards AI regulation amid an ongoing boom in the industry. Across the globe in the United Kingdom, competition regulators have examined AI's potential effects on both consumers and competition. The UK's Competition and Markets Authority expressed concern on the 18th of September, noting that AI's capacity to transform work and life could potentially send ripples through competition.
Published At
9/23/2023 7:50:57 AM
Disclaimer: Algoine does not endorse any content or product on this page. Readers should conduct their own research before taking any actions related to the asset, company, or any information in this article and assume full responsibility for their decisions. This article should not be considered as investment advice. Our news is prepared with AI support.
Do you suspect this content may be misleading, incomplete, or inappropriate in any way, requiring modification or removal?
We appreciate your report.