Coinbase CEO, Brian Armstrong, expressed his stance on artificial intelligence (AI) regulation in a recent post on the social media platform X (formerly Twitter). Brian Armstrong, CEO of the crypto exchange Coinbase, stated that decentralization and open-sourcing AI provide a better alternative to regulating the space.
Coinbase CEO Brian Armstrong believes that AI should not be regulated. The AI space needs to develop as soon as possible because of reasons such as national security. Armstrong explained that regulation, despite regulators’ best intentions, “has unintended consequences.” He argued that it stifles innovation and competition.
Armstrong believes there was a “golden age of innovation” on the internet and software because they were not regulated. The Coinbase executive cited the internet as an example, stating that it would be better to “decentralize it and open source it to let the cat out of the bag.”
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
Coinbase CEO suggested that the same should be applied to AI technology and also presented an alternative to regulation in terms of protecting the AI space.
On August 15, China’s provisional guidelines for AI activity and management were implemented. The regulations were published on July 10 and were a joint effort between six of the country’s government agencies. These are the first set of AI rules implemented within the country amidst the recent AI boom. Meanwhile, due to growing concerns about the potential effects of AI, various jurisdictions across the globe have either begun regulating the technology or discussing the need for regulation.
In the United Kingdom, the competition regulator studied AI to identify its potential impact on competition and consumers. On September 18, the UK’s Competition and Markets Authority raised concerns that AI is advancing too quickly and concluded that while the changes are happening too fast, it could have a significant impact on competition.