According to Brian Armstrong, the CEO of cryptocurrency exchange Coinbase, artificial intelligence (AI) should not be regulated. In a recent post on X, Armstrong emphasized the need for the AI space to develop quickly, citing reasons such as national security. He argued that regulation, despite good intentions, often has unintended consequences that stifle innovation and competition. Armstrong drew a parallel to the internet, highlighting the “golden age of innovation” in software and the internet due to the absence of regulation. He proposed decentralizing and open sourcing AI as an alternative way to protect and advance the technology.
Concerns and regulations around AI have been emerging worldwide. China, for instance, implemented provisional guidelines for AI activity and management on August 15. In the United Kingdom, the Competition and Markets Authority conducted a study on the impact of AI on competition and consumers, concluding that rapid changes brought by AI could significantly affect competition.
Coinbase CEO Brian Armstrong has voiced his opposition to regulating artificial intelligence (AI) and instead called for decentralized development. Armstrong argues that regulation can have unintended consequences, stifling innovation and competition. He compares the current state of AI to the “golden age of innovation” on the internet before it became regulated. Armstrong suggests decentralizing and open sourcing AI as a means of protection and advancement for the technology.
Should AI be regulated?
Coinbase CEO Brian Armstrong believes that AI should not be regulated. He argues that regulation can have unintended consequences and hinder innovation and competition.
What alternative does Armstrong propose to AI regulation?
Armstrong suggests decentralizing and open sourcing AI as an alternative to regulation. He believes this approach would better protect and advance the technology.
What concerns and regulations have emerged around AI internationally?
Various jurisdictions have started to regulate AI or express concerns about its potential effects. China implemented provisional guidelines for AI activity and management in August 2023. The United Kingdom’s Competition and Markets Authority has conducted a study on the impact of AI on competition and consumers.
Why does Armstrong compare the current state of AI to the “golden age of innovation” on the internet?
Armstrong draws a parallel to the internet, highlighting the time before regulation when there was significant innovation. He believes that applying a similar approach to AI could foster growth, innovation, and competition in the field.