Galaxy Digital’s CEO is shocked at the lack of AI regulation while encryption suffers

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  • Mike Novogratz bemoans the different regulatory approaches to cryptography and AI.
  • The CEO fears that deepfakes generated by artificial intelligence could become widespread, if left unchecked.
  • Novogratz added that the regulatory reaction in the United States to one man was “stupid”.

In the emerging world of emerging technology, artificial intelligence (AI) has emerged with the advent of user-facing chatbots such as chat. The AI ​​sector has risen with little in the way of restrictions or regulations, while cryptography is currently under strict oversight and regulatory scrutiny.

Galaxy Digital CEO, Mike Novogratz Tell In an update to shareholders on March 28, he said he believes the US government has erred in focusing its regulatory attention on cryptocurrencies rather than artificial intelligence.

“totally upside down”

Crypto has been in the firing line of agencies like the SEC and CFTC. CoinbaseAnd rippleAnd Paxos, and other cryptocurrency house names have all faced the wrath of regulators in the past few months. However, AI companies have not faced the same scrutiny, which is worrying and upsetting for Novogratz.

“When I think about AI, it shocks me that we’re talking so much about crypto regulation and nothing about AI regulation. I mean, I think the government’s got it completely upside-down,” the CEO explained.

Regulatory oversight of cryptocurrency has increased in recent months in the United States after the crash FTX and others Notable bankruptcies. However, the dangers of artificial intelligence have not yet been realized, but they have been spotted. Novogratz explains that “Deep Fakes” will be a threat that needs to be brought under control.

“Pretty soon, you’re going to get fake Mike Novogratz, hopefully with hair. You know, like, deep fake world is going to be more prevalent.”

The CEO also bemoaned the fact that cryptocurrency and blockchain innovation is being held back by the downfall of one man’s crypto empire.

Bermuda shorts from Bankman-Fried

Since the fall of FTX in November last year, cryptocurrency regulation in the United States has become significantly tighter. Bodies like the Securities and Exchange Commission suspend a falling stock exchange as a warning of what the industry would be like without its controls. For Novogratz, that’s “stupid.”

“It is foolish to think that we should hide this industry because Sam Bankman Fried In Bermuda shorts, period.”

on the flip side

  • The AI ​​sector doesn’t go forward completely unchecked, like the US Chamber of Commerce named In order to regulate AI technology on March 9 to ensure that it does not harm growth or become a risk to national security.

Why should you bother

Innovative technology often faces regulatory pressures that can limit its growth. The situation in the US makes it a hostile ground for cryptocurrency companies to thrive, but AI could also experience an “FTX moment” and prompt a swift regulatory response.

Read more about Nvidia’s preference for AI over encryption:
Nvidia CTO considers encryption useless while calling the ChatGPT AI.

Read more about Binance’s growing integration of TUSD:
Binance has ended the BUSD phase with a fresh set of TUSD pairs.

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