Coinbase CEO Warns Against AI Regulation and Calls for Decentralization – In a recent post on the social media platform X (formerly Twitter), Brian Armstrong, the CEO of cryptocurrency exchange Coinbase, shared his perspective on the regulation of artificial intelligence (AI). On September 23, Armstrong conveyed his belief that AI should remain unregulated. He emphasized the urgency for rapid AI development, citing reasons such as national security.
Furthermore, Armstrong pointed out that despite regulators’ good intentions, he believes regulation can have unintended adverse effects, stifling innovation and competition. The Coinbase executive cited the internet as an example. Armstrong believes there was a “golden age of innovation” on the internet and software because it was not regulated. The Coinbase CEO suggested the same should be applied to AI technology.
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Also, Armstrong also presented an alternative to regulation in terms of protecting the AI space. According to the executive, it would be better to “decentralize it and open source it to let the cat out of the bag.” In the rapidly evolving landscape of artificial intelligence (AI), various jurisdictions worldwide have taken steps to address its regulation and potential ramifications. For instance, China took a significant step on August 15 by enacting provisional guidelines for the management and oversight of AI activities.
These regulations, which emerged from a collaborative effort involving six government agencies, were initially published on July 10. They mark a pivotal development as the nation responds to the burgeoning AI industry.nIn the United Kingdom, authorities have also been actively scrutinizing the impact of AI, particularly in relation to competition and consumer welfare. The country’s Competition and Markets Authority conducted an extensive study into AI’s potential effects, and their findings were made public on September 18.
While recognizing the transformative potential of AI in reshaping the way people work and live, the report raised concerns about the rapid pace of change in the AI landscape. It suggested that such rapid transformations could have significant repercussions on competitive markets, warranting careful consideration and potential regulatory responses. This underscores the global conversation surrounding AI’s regulation and the need for balance between innovation and oversight.