Coinbase CEO Calls for a Decentralized AI Industry
- Coinbase CEO Brian Armstrong stated that the regulation of the AI space will be dangerous.
- He asked regulators to refrain from imposing strict policies adding that policies can have “unintended consequences.”
- Armstrong asked for the decentralization of the AI space and not being regulated.
- It would be better to “decentralize it and open source it to let the cat out of the bag,” he said.
Brian Armstrong, the CEO of Coinbase, the largest crypto exchange in the United States, has stated that regulation of the artificial intelligence industry will be dangerous for the entire sector adding that decentralization in the AI industry would be beneficial. He also claimed that regulators should refrain from imposing strict policies on the budding industry.
In a September 23 post on social media platform X (formerly known as Twitter), the Coinbase executive noted that the AI space needs to develop as soon as possible because of reasons such as national security. Armstrong stated that regardless of the intention of the regulators, imposing regulation in the AI space can have “unintended consequences.”
Recently, the exploding development in the sector has attracted the attention of regulators around the globe, particularly in the United States. According to the Coinbase founder, regulation of the AI space can kill innovation and competition.
“We need to make progress on it as fast as possible for many reasons (including national security). And the track record on regulation is that it has unintended consequences and kills competition/innovation, despite best intentions. We’ve enjoyed a golden age of innovation on software and the internet largely due to it not being regulated. AI should do the same.” he said.
It is clear that Armstrong believes that instead of regulating the AI space, it would be better to “decentralize it and open source it to let the cat out of the bag.” The comments from the executive come at a time when the crypto exchange is looking to expand its horizons and businesses beyond boundaries.
As reported earlier by Bitnation, Coinbase was interested in buying the business of the bankrupt crypto exchange FTX’s European arm which was created after investing $400 million as per official records. On the other hand, the European Union urged non-EU nations to tighten their crypto regulations to prevent financial instability.
A crypto journalist with over 3 years of experience in DeFi, NFT, metaverse, etc. Parth has worked with major media outlets in the crypto and finance world and has gained experience and expertise in crypto culture after surviving bear and bull markets over the years.
