Elon Musk states that he is in favor of regulation on Artificial Intelligence (AI) safety. Specifically, Musk approves the proposal of the democratic legislation AI SB 1047 in California.
Elon Musk: “California should approve AI regulation SB 1047”
Elon Musk shared on X his opinions regarding the regulation of AI. Specifically, the billionaire considered the new AI SB 1047 bill proposed by the democrats, stating that in his opinion, California should approve it.
This is a tough call and will make some people upset, but, all things considered, I think California should probably pass the SB 1047 AI safety bill.
For over 20 years, I have been an advocate for AI regulation, just as we regulate any product/technology that is a potential risk…
— Elon Musk (@elonmusk) August 26, 2024
In the financial market, the terms “bull” and “bear” are often used to describe market trends. A “bull” market is characterized by rising prices, while a “bear” market is characterized by falling prices. Investors often try to predict whether the market will be “bull” or “bear” in order to make informed investment decisions.
“It is a difficult decision and it will make some people angry, but, all things considered, I believe that California should probably approve the AI safety law SB 1047. For over 20 years I have supported the need to regulate AI, just as we regulate any product/technology that poses a potential risk to the public.”
In practice, the owner of X and CEO of Tesla and SpaceX wanted to share that he is in favor of regulating AI. In particular, Musk considers such a move similar to regulating any product and technology that could become risky for the public.
Obviously, not everyone thinks like the billionaire. In fact, Musk has already stated that this “difficult decision might make some people angry”.
In any case, considering the Californian bill “Safe and Secure Innovation for Frontier Artificial Intelligence Models Act”, also known as SB 1047, Musk declares himself in favor of its approval.
Elon Musk and the regulation of AI: what does the California bill say?
From what has emerged, in February, the Democratic legislators of California proposed the SB 1047 for AI.
In practice, the law would require Artificial Intelligence developers to implement security protocols. The goal is to prevent events such as mass incidents or serious cyber attacks.
To do this, developers are required to insert an “emergency stop” button for their AI models.
But Elon Musk is not the only supporter of AI regulation. In fact, OpenAI itself had published at the beginning of the month that it is in favor of three bills from the US Senate.
First and foremost, the Future of AI Innovation Act was mentioned, which provides Congressional support to the new U.S. AI Safety Institute, which works to build best practices that minimize the potential risks posed by this new technology.
The support of OpenAI is also for the CREATE AI law, which formalizes the creation of a new effort to democratize access to AI research resources.
And, to conclude, support also comes to the law NSF AI Education Act, which strengthens the workforce in the field of AI and will teach the next generation the tools of AI.
The AI tokens of the crypto market
Recently, the trend of AI tokens in the crypto market was analyzed, which, during the last weekend, seem to have recorded the best performances.
Specifically, it seems that FET, TAO, and RENDER are among the other cryptocurrencies linked to Artificial Intelligence that have outperformed the Bitcoin benchmark in the short term. NEAR has also given great emotions to its holders. Other excellent results have also come from ICP, INJ, GRT, THETA, and AKT.
This bullish general for the AI crypto category is a sign of optimism in view also of what will happen tomorrow: the release of the quarterly earnings of Nvidia’s technology company.