The first-ever executive order on artificial intelligence (AI) issued by U.S. President Joe Biden has sparked intense debate and mixed reactions.
On October 31st, the White House officially issued an executive order regarding the development and secure use of artificial intelligence technology, aiming to eliminate potential AI-related threats.
Specifically, the Biden administration is now requiring AI development companies to report to the U.S. government under the Defense Production Act (DPA) if their AI programs pose risks to national security, local economies, or user well-being. Moreover, the order mandates developers to provide solutions to mitigate AI-related harm to workers.
The order emphasizes, "Artificial intelligence holds extraordinary potential, but it also carries significant risks. If used wisely and responsibly, AI can address urgent challenges, making our world more prosperous, productive, innovative, and secure... However, if misused, it can 'wreak havoc' on our world and jeopardize national security."
With this new order, White House Deputy Chief of Staff Bruce Reed describes it as "the strongest action" taken by any government worldwide to ensure cybersecurity.
However, this move has faced significant backlash. CEO of Tusk Ventures, a technology and AI investment fund, expressed concerns that tech companies may not want to share their proprietary AI data with the government due to fears of data leakage and falling into the hands of adversaries.
Not only the tech industry, but many crypto companies have also voiced their discontent. Jeff Amico, former partner at a16z and now CEO of Gensyn Network, criticized the order, saying it is detrimental to U.S. innovation. He highlights that the new rules force new and advanced tech startups to comply and report similarly to large publicly-traded organizations.
Following the issuance of the new order, AI-based tokens such as The Graph (GRT), Fetch.AI's (FET), SingularityNET (AGIX), Ocean Protocol (OCEAN), among others, have seen a decline of 5-10% in the past 24 hours, despite the broader market's recovery.
This executive order marks a significant development in the intersection of AI and crypto, impacting the market and sparking debates within the industry. Stay tuned for more updates. 📈🤯 #AI #Crypto
