US President Joe Biden has issued an executive order to establish new standards for the safety and security of artificial intelligence (AI) and to address the associated risks. However, this move has faced criticism from developers and industry insiders who argue that it restricts freedom to innovate, drawing parallels with the excessive regulation of the crypto industry by US authorities.
The executive order requires AI developers to share safety test results and other important information with the US government. Only developers of the most powerful AI systems are required to share this information, with a threshold set at AI models with over 1e26 floating point operations. Companies running these high-level AI models must also provide results from all red-team safety tests.
Critics have compared this regulatory approach to the actions taken against the crypto industry by US regulators, claiming that it creates uncertainty and stifles innovation. They argue that just as the US Securities and Exchange Commission (SEC) enforced regulations on crypto exchanges in the name of fraud detection, the AI industry could face similar hurdles.
Some legal experts have criticized the executive order for its apparent disregard for privacy concerns. They highlight the hypocrisy of targeting privacy violations in the AI space while neglecting similar violations in the crypto industry. The order has been likened to how the US government has treated the crypto ecosystem, with vague statements about potential benefits followed by a list of risks that justify heavy regulation.
In conclusion, President Biden’s executive order on AI regulation has sparked concerns about its impact on innovation and privacy. Critics argue that it mirrors the heavy-handed approach taken towards regulating the crypto industry. As both sectors navigate uncertain regulatory landscapes, it remains to be seen how these developments will shape their futures.
Hot Take: Concerns Arise Over Biden’s Executive Order on AI Regulation
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