In an era where technology plays a vital role in economic and social development, Brian Armstrong, CEO of Coinbase, one of the largest cryptocurrency platforms, argues that artificial intelligence (AI) should not be burdened with excessive regulations.
In recent statements, Armstrong recalled the golden days of innovation in software and the Internet, noting that these innovations largely flourished without regulatory interference. For him, AI should follow the same trajectory. This position echoes his previous sentiments regarding the world of cryptocurrencies. For years, the executive has expressed concerns that excessive regulation could push the cryptocurrency sector towards friendlier regions, harming technological advancement.
The advances in artificial intelligence are remarkable, as exemplified by the success of OpenAI’s ChatGPT. The technology has been adopted in several areas, from cancer detection, text/image generation, to autonomous cars. Recently, an anonymous developer from Ethereum, one of the main cryptocurrency networks, launched a tool that uses ChatGPT to automatically create new crypto tokens.
Count me as someone who believes AI should not be regulated
We need to make progress on it as fast as possible for many reasons (including national security). And the track record on regulation is that it has unintended consequences and kills competition/innovation, despite best…
— Brian Armstrong 🛡️ (@brian_armstrong) September 22, 2023
However, while the possibilities are broad and promising, unintended uses of AI are also emerging. Cases of cryptocurrency fraud and floods of low-quality e-books on Amazon are examples of suboptimal uses.
Armstrong went beyond cryptocurrencies in his comments. He argues that the advancement of AI is crucial for several reasons, including national security. The US Government Accountability Office has previously highlighted how AI is transforming military and strategic aspects, from complex analyzes to predictions of mechanical failures in weapons.
While AI-based innovations have not yet appeared in the top crypto innovations listed by Armstrong recently, he continues to encourage innovative efforts in other areas, such as layer 2 privacy and the tokenization of various assets.
The views and opinions expressed by the author, or anyone mentioned in this article, are for informational purposes only and do not constitute financial, investment or other advice. Investing in or trading cryptocurrencies carries a risk of financial loss.