The United States Financial Services Committee (FSC) leaders have responded to the US Treasury's request for feedback on regulating artificial intelligence. In a letter published on Aug. 16, the committee's Republican leadership advocated for a light-touch regulatory approach. They emphasized the need to evaluate each financial institution's use of AI technology on a case-by-case basis to avoid stifling competition. The committee expressed optimism about the potential of generative AI, such as OpenAI's ChatGPT and Anthropic's Claude, in expanding access to financial services and promoting inclusion. While recommending an organic approach to regulation, the FSC proposed a regulatory sandbox for AI to address emerging challenges. However, there is a discrepancy in the committee's stance on consumer privacy, as they suggest allowing users to terminate data collection, which could impact the business models of major US AI firms. Implementing such regulations may pose challenges in deleting user data from existing AI systems like ChatGPT. Read more AI-generated news on: https://app.chaingpt.org/news

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