Brian Armstrong, the CEO of Coinbase, a prominent cryptocurrency exchange, has shared his perspective on the regulation of artificial intelligence (AI). He advocated for AI not to be regulated.
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Coinbase CEO is Against AI Regulation
On September 23, the Coinbase executive made a post on the social media platform X, where he emphasized the urgency of advancing developments in the AI field. He cited reasons such as national security as compelling factors for swift progress.
‘Unintended Consequences’
In addition, the Coinbase founder expressed that while regulators may have well-intentioned motives, their actions often result in “unintended consequences,” including stifling innovation and competition. Providing an example, he pointed out that the internet and software experienced a “golden age of innovation” because at that time they were not subjected to heavy regulation.
Armstrong also proposed an alternative approach to safeguarding the AI sector instead of relying on regulation. As per the CEO, in a favorable situation, AI should be “decentralize it and open source it to let the cat out of the bag.”
Crossover of AI and Crypto
It is foreseeable that AI has the potential to exceed all anticipations when it comes to enhancing customer service, boosting business efficiency metrics, expanding operations without requiring additional personnel, and, most importantly, delivering profound insights through the utilization of organizational data.
As a result, the growing utilization of AI, led Conor Grogan, an executive at Coinbase Global, Inc., opted to employ the artificial intelligence tool ChatGPT as a predictive solution back in May.
Coinbase’s Plans for Expansion
Coinbase has attracted considerable interest, as investors and enthusiasts eagerly await the potential impact it could have on the cryptocurrency space and beyond. This follows its recent achievement of securing a substantial $57 million in funding for its upcoming cryptocurrency lending service designed for institutional clients. Furthermore, the latest report from Coinbase clarified its stance in response to a flurry of rumors suggesting that its services might be terminated in India.
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