President Joe Biden’s recent Executive Order concerning the Safe, Secure, and Trustworthy Development and Deployment of Artificial Intelligence has had repercussions in the cryptocurrency market, leading to a decline in the value of AI-related tokens.
The White House’s Executive Order introduces a regulatory framework aimed at promoting the responsible use of AI. It outlines what appears to be stringent guidelines, standards, and best practices with a strong emphasis on safety and security.
One significant aspect of the order involves the implementation of red-teaming tests to manage AI risks. These tests are designed to ensure the resilience of AI systems against potential threats.
Another noteworthy rule outlined in the order concerns the disclosure of substantial computing resource acquisitions for AI projects. This rule underscores the potential risks associated with computational power, which are deemed in need of oversight.
Biden’s actions signify a notable shift towards a more regulated and controlled AI development landscape in the United States. The primary objective is to mitigate potential threats arising from the misuse of AI technologies.
Concerns Over Innovation Amid New Regulations
The AI executive order has certainly stirred the tech industry and triggered discussions about its potential impact on innovation and technological advancements.
Jeff Amico, Head of Operations at Gensyn Network, expressed the viewpoint that only “large incumbents” will have the resources and capacity to comply with the new obligations. He found the order to be unduly stringent, particularly in requiring infrastructure providers to report to the government whenever a “foreign person [engages] in transactions to train a large AI model with potential capabilities that could be used in malicious cyber-enabled activities.” According to Amico, these measures are detrimental to U.S. innovation.
In addition to developers, AI artists have also voiced their concerns regarding these regulations. Claire Silver, the founder of A2 Accelerate Art, described the AI executive order as “the most expansive AI laws in the world.”