Brian Armstrong, CEO of crypto exchange Coinbase, expressed his stance on artificial intelligence (AI) regulation in a recent post on social media platform X (formerly Twitter).
On September 23, Armstrong explained that he believes AI should not be regulated. According to the CEO of Coinbase, the AI โโspace must be developed as soon as possible for reasons such as national security. Additionally, Armstrong also noted that despite regulators' best intentions, regulation โhas unintended consequences,โ arguing that it kills innovation and competition.
Count me as someone who believes AI should not be regulated.
We need to move as quickly as possible for many reasons (including national security). And the track record of regulation is that it has unintended consequences and kills competition/innovation, despite the best...
- Brian Armstrong ๏ธ (@brian_armstrong) September 22, 2023
The Coinbase executive cited the Internet as an example. Armstrong believes there was a โgolden age of innovationโ in the Internet and software because it was unregulated. The CEO of Coinbase suggested that the same should be applied to artificial intelligence technology.
Furthermore, Armstrong also presented an alternative to regulation in terms of protecting the AI โโspace. According to the executive, it would be better to โdecentralize it and open it up to let the cat out of the bag.โ
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Meanwhile, several jurisdictions around the world have begun to regulate AI or have expressed concern about its potential effects. On August 15, China's interim guidelines for AI activity and management. came into force. The regulations were published on July 10 and were a joint effort between six of the country's government agencies. This is the first set of AI rules implemented in the country amid the recent AI boom.
In the UK, the competition regulator studied AI to identify its potential impact on competition and consumers. On September 18, the UK Competition and Markets Authority concluded that while AI has the potential to change people's work and lives, the changes may happen too quickly and could have a significant impact on competition. .
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