Fun

US Financial Services Committee leaders want ‘regulatory sandboxes’ for AI

News Feed - 2024-08-17 01:08:21

Tristan Greene7 hours agoUS Financial Services Committee leaders want ‘regulatory sandboxes’ for AIIn a letter signed only by republicans, the committee responded to a request for information sent by the Department of the Treasury.1632 Total views1 Total sharesListen to article 0:00NewsOwn this piece of crypto historyCollect this article as NFTCOINTELEGRAPH IN YOUR SOCIAL FEEDFollow ourSubscribe onUnited States Financial Services Committee (FSC) leaders responded to a request for feedback from the US Treasury concerning the regulation of artificial intelligence in a letter published on Aug. 16. 


The letter, signed by the committee’s Republican leadership, calls for what amounts to a light-touch approach to regulation. “A one-size-fits-all approach will only stifle competition among financial institutions,” wrote the signatories, adding that “regulators must evaluate each institution’s use of AI technology on a case-by-case basis”AI sandbox


The committee appeared bullish on the use of generative AI — which includes services and products such as OpenAI’s ChatGPT and Anthropic’s Claude — in the financial services sector. It highlighted the potential for these technologies to provide greater access to financial services, increasing both adoption and inclusion.


It also strongly recommended an organic approach to creating new regulations and laws. Describing a “regulatory sandbox” for AI, the FSC appears to be advocating maintaining a general focus on sustaining the status quo by applying existing rules to challenges as they arise.


Per the document:“Regulators, Congress, and the Department of the Treasury should be judicious with respect to regulating AI, recognizing the regulations, rules, guidance, and laws currently in place that address the use of technologies by financial institutions.”Data privacy


When it comes to consumer privacy and data protection, the committee’s views appear to be at odds with its insistence on a somewhat hands-off approach to regulation. Under the status quo, companies such as OpenAI, Google and xAI have, so far, been allowed to collect human-generated data for the purpose of training AI systems.


The FSC’s letter, however, says that US consumers “should be allowed to terminate the collection of their data or request its deletion.” If such a regulation were to become the law of the land, it could have a potentially devastating effect on some of the largest US AI firms’ primary business model.


Due to the way AI systems like ChatGPT are trained, “terminating the collection” of user data could be a feckless measure when applied to existing technology. The real issue is that it may not be possible to “delete” user data from pre-trained systems.


Related:San Fran city attorney sues sites that ‘undress’ women with AI# Politics# Finance# United States# Financial Services# AI# RegulationAdd reaction

News Feed

Trava Finance Is a Groundbreaking Protocol That Lets You Create Lending Pools to Start a Lending Business
Trava Finance Is a Groundbreaking Protocol That Lets You Create Lending Pools to Start a Lending Business sponsored Trava is the next generation of Lending Protocols, employing an i
Kenya Expects to Earn $46 Million as New Tax Targeting Crypto Exchanges Comes Into Force
Kenya Expects to Earn $46 Million as New Tax Targeting Crypto Exchanges Comes Into Force The Kenya Revenue Authority (KRA) is expecting to earn up to 5 billion K
Bitcoin Whale Transfers $2.2 Billion Worth of BTC for Just $7
Bitcoin Whale Transfers $2.2 Billion Worth of BTC for Just $7Whale alert reports that a so-called whale has transferred the equivalent of $2.24 billion in bitcoin for less than $7.
Ana Paula Pereira12 hours agoShibarium denies bridge issues, calls it FUDShytoshi Kusama, co-founder of the Shiba Inu ecosystem, blamed a massive influx of transactions and user activity for technical difficulties on Shi
Pudgy Penguins enables access to its virtual world with Web3 domains
Ezra Reguerra11 hours agoPudgy Penguins enables access to its virtual world with Web3 domainsPudgy Penguins and Unstoppable Domains have teamed up to allow users to access Pudgy World using .pudgy domain names.816 Total
Chainlink to join Rapid Addition in building blockchain adapter for institutions
Ezra Reguerra13 hours agoChainlink to join Rapid Addition in building blockchain adapter for institutionsChainlink Labs’ Vince Turcotte told Cointelegraph that they expect digitally-native institutions to be the first
Derek Andersen4 hours agoCourt approves sale of FTX digital assetsAssets will be sold off weekly, with special handling for BTC, ETH and "insider-affiliated tokens."1842 Total views16 Total sharesListen to arti
Bitcoin, Ethereum Technical Analysis: ETH Below $1,900 as Ethereum Foundation Comments on Gas Fees
Bitcoin, Ethereum Technical Analysis: ETH Below $1,900 as Ethereum Foundation Comments on Gas Fees Ethereum was once again trading below $1,900 during Thursday’s session, as
OFAC’s Tornado Cash Ban Causes Github Suspensions and the Blacklisting of Crypto Addresses Holding $437M
OFAC"s Tornado Cash Ban Causes Github Suspensions and the Blacklisting of Crypto Addresses Holding $437M On August 8, the ethereum mixing service Tornado Cash, and all the crypto a
JPMorgan Begins Offering 5 Cryptocurrency Funds to Clients
JPMorgan Begins Offering 5 Cryptocurrency Funds to Clients Global investment bank JPMorgan has reportedly green-lighted its advisors to provide clients with acce
BingX exchange openly supports Iranian users, defying sanctions
Christopher Roark3 hours agoBingX exchange openly supports Iranian users, defying sanctionsA Telegram admin for BingX claims that the exchange “has no problem with Iranian users, and it is even possible to authenticate
Tuttle Capital’s latest ETF aims to copy Congress’ stock picks
Felix Ng5 hours agoTuttle Capital’s latest ETF aims to copy Congress’ stock picksTuttle Capital is using U.S. lawmakers’ mandatory stock disclosure filings to back the strategy of its newly proposed ETF.2578 Total