Crypto-AI future as EU consumer protection groups ask for investigations into AI

June 21, 2023 06:48 PM AEST | By Invezz

Crypto-AI future as EU consumer protection groups ask for investigations into AI — Image source: Invezz

Global push to regulate artificial intelligence

13 watchdog organizations from Europe collaborated to send letters to their national consumer, data protection, competition, and product safety authorities alerting them of a number of issues with generative AI.

An alliance of consumer groups from the transatlantic also wrote to US President Joe Biden asking him to take action to safeguard consumers from likely ills caused by generative AI.

The push from the consumer groups comes right on the heels of the recently passed European Union (EU) Artificial Intelligence (AI) Act and the EU Council also recently endorsed Markets in Crypto Assets regulation (MiCA). Stanford University researchers, however, recently determined that the large language models (LLMs) used in AI tools like OpenAI’s GPT-4 and Google’s Bard are not compliant with the EU Artificial Intelligence (AI) Act.

While the EU AI Act, the first of its kind on a regional and national level, regulates AI within the EU and also acts as a groundbreaking blueprint for worldwide AI regulations, the latest Stanford study found that AI companies have a lot to do if they intend to become compliant.

The road ahead for AI regulation

Recently, OpenAI has been lobbying to change how different nations view AI. The tech giant even threatened to leave Europe if the rules were too strict —a threat it later withdrew. Such actions highlight the intricate and frequently tense relationship between regulatory agencies and companies offering AI technology.

Researchers at Stanford University made a number of suggestions for enhancing AI regulation. They include making the AI Act hold larger foundation model providers accountable for transparency and accountability, according to EU policymakers.

The main issue, according to the researchers, is how quickly model providers can modify and advance their corporate strategies to satisfy legal requirements. They found that many providers could make significant but logical changes and achieve total scores in the high 30s or 40s (out of a possible 48 points) without much regulatory pressure.

AI regulation impact on crypto projects like AltSignals

While AI-based crypto projects fall under the artificial intelligence category, a majority of them, including the ActualizeAI project by AltSignals do not fall under the generative AI category. This, therefore, means that the cryptocurrency projects will not be gravely affected by the ongoing AI regulation push.

ActualizeAI will give AltSignals an edge in providing AI-driven trading solutions, leveraging cutting-edge technology to empower traders and investors. Investors also have the opportunity to invest in the new ASI cryptocurrency that gives holders access to the new AltSignals’ AI ecosystem among other benefits stipulated on AltSignals’ official website.

AltSignals is currently conducting a presale for the new ASI cryptocurrency and those interested can participate here.

The post Crypto-AI future as EU consumer protection groups ask for investigations into AI appeared first on Invezz.

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