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October 31, 2023

US President Biden's Executive Order on AI Safety and Security: Balancing Innovation and Regulation

Natasha Fernandez
Written byNatasha FernandezWriter
Researched byNikos PapadopoulosResearcher

Introduction

US President Joe Biden has recently issued an executive order to establish new standards for safety and security in the field of artificial intelligence (AI). The order aims to address the risks associated with AI technology and ensure responsible innovation. However, this move has faced criticism from developers and industry insiders who argue that it may hinder freedom to innovate, drawing parallels with the regulatory actions taken against the crypto industry.

US President Biden's Executive Order on AI Safety and Security: Balancing Innovation and Regulation

New Requirements for AI Developers

Under the executive order, AI developers are now required to share safety test results and other critical information with the US government. This requirement applies to developers of the most powerful AI systems, with a limit set for AI models with over 1e26 floating point operations. Companies running these high-level AI models must also share the results of all red-team safety tests. According to David Vorick, creator of the SiaCoin cryptocurrency, this limit is just above the current operational capacity of the largest existing models.

Protecting Americans from AI-Enabled Fraud

In addition to addressing safety and security concerns, the executive order also aims to protect Americans from AI-enabled fraud and deception. This objective is similar to the US Securities and Exchange Commission's efforts to regulate crypto exchanges in order to detect and prevent fraud. The AI industry may face regulatory hurdles similar to the uncertainty surrounding crypto regulation in the United States.

Criticism of the Executive Order

The executive order has faced criticism from attorney Jeremy Hogan, who argues that it shows hypocrisy in prioritizing privacy concerns in AI while violating privacy in the crypto space through enforcement actions. Hogan believes that the US administration has consistently attacked privacy in the crypto industry.

Conclusion

US President Joe Biden's executive order on AI safety and security sets new standards for the industry. While it aims to address risks and protect Americans from fraud, it has also drawn criticism for potentially limiting innovation. The order highlights the ongoing debate surrounding the regulation of emerging technologies and the need to strike a balance between safety, security, and innovation.

About the author
Natasha Fernandez
Natasha Fernandez
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Natasha "CryptoQueen" Fernandez bridges the gap between blockchain buzz and casino charisma. From New Zealand's serene landscapes to the volatile world of crypto, she's making waves in the online gaming sphere. With CryptoCasinoRank, she paints a future where chips meet chains seamlessly.

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