Andrew Yang, the former US presidential candidate and prominent figure in New York City politics, shared his insights on blockchain technology and artificial intelligence (AI) regulations during the North American Blockchain Summit (NABS) in Fort Worth, Texas, on November 16. Emphasizing his belief in the concept of "smart money," Yang pointed out the underutilization of blockchain and Web3 technology in the United States. He expressed concerns that this underutilization might push companies to relocate overseas, attributing part of this situation to the media's focus on figures like Sam Bankman-Fried and FTX. According to Yang, this focus fails to adequately showcase blockchain's potential in addressing societal issues in America.
During his address, Yang emphasized the untapped potential of blockchain technology, particularly in addressing poverty, and pondered why technologies like voting via smartphones haven't been explored more extensively in civic life. He also expressed discomfort with the limited and fragmented US policies concerning artificial intelligence. Alongside 2,600 technology leaders, Yang signed an open letter calling for a moratorium on AI systems exceeding the capabilities of GPT-4. He suggested that the development of generative models might have outpaced its time.
Yang highlighted the intersection between artificial intelligence and politics, citing their influence on campaigns and public discourse. He underscored examples such as Pentagon deepfakes and their potential market impact, advocating for comprehensive AI regulation. Criticizing the US approach, Yang noted that the nation's regulatory strategy often waits for disasters to unfold before addressing them. He warned against an economic landscape characterized by a "winner-take-all" scenario, asserting that unequal distribution of technological progress would exacerbate sociological divisions in America.
Comparing the anticipated AI legislation in the EU to the US, Yang expressed concern about the inadequate legislative responsiveness in the US He suggested that the governance of social media under Section 230 of the Communications Decency Act, established in 1996 before platforms like Facebook existed, poses regulatory challenges. Yang emphasized the urgency for the US to address these issues, cautioning that legislative inefficiency could result in a detrimental technology regulation gap.
