Sen. Warren Advocates Equal Crypto Regulations & Big Tech Restraints on AI Development
Summary:
US Senator Elizabeth Warren calls for equal regulatory framework for cryptocurrencies and wants Big Tech to be restrained from developing large AI models. She proposes treating decentralized technologies as financial institutions. Her Digital Asset Anti-Money Laundering Act has faced criticism from crypto industry leaders. In addition, she voices against the domination of tech giants in developing emerging AI fields like chatbots, targeting their market concentration.
US Senator Elizabeth Warren advocates for a fair and balanced legal framework for cryptocurrencies, with additional constraints on major technology corporations developing AI systems. During a Bloomberg TV interview on February 27, Warren reaffirmed her stance on crypto, expressing her wish to work alongside the sector. She firmly believes the rules that apply to the existing financial system should extend to the crypto field, without any arbitrary rigs or enforcements, thus ensuring an equitable marketplace. However, she expressed concerns about the industry's demand for leniency, claiming it aids in enabling criminal activities such as ransomware attacks, drug trafficking, and terrorism.
Warren's proposed Digital Asset Anti-Money Laundering Act would treat decentralized tech, including blockchain nodes, software providers, validators, and noncustodial wallets, as financial entities similar to banks and stock brokers. However, crypto industry leaders and organizations have harshly criticized the bill, arguing that it's unsuitable for their technology and may push innovation and investment overseas. Notably, the US Treasury Department has conceded that concerns regarding the use of cryptocurrency for terrorist activities have been overstated.
Meanwhile, in a conference in Washington D.C., Warren argued against allowing big tech companies, such as Amazon, Microsoft, and Google, the liberty to develop large AI language models. Warned pointed out that the vast resources and capabilities of these tech giants could potentially overpower smaller competitors within emerging AI fields like chatbots. This aligns with her ongoing campaign designed to regulate the dominance and market concentration of major tech companies in the industry.
Published At
2/28/2024 9:22:00 AM
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