In a recent discourse at the North American Blockchain Summit in Fort Worth, Texas, Andrew Yang, a prominent figure known for his presidential and mayoral candidacies and as the progenitor of the Forward Party, articulated a critical viewpoint on blockchain’s deployment in the United States and the urgent necessity for regulatory oversight of Artificial Intelligence (AI).
Yang, a staunch advocate of advanced monetary systems and digital currencies, expressed disappointment in the current trajectory of blockchain and Web3 technologies within the United States, highlighting the risk of innovative enterprises seeking refuge in foreign territories. He pinpointed the general public’s misperception, exacerbated by predominant media narratives centered around figures like Sam Bankman-Fried and controversies surrounding FTX, as a key obstacle.
Emphasizing the untapped potential of blockchain in alleviating societal challenges, particularly poverty, Yang underscored the technology’s broader potential in civic applications. He passionately queried why mobile-based voting systems remain elusive despite technological advancements.
Turning his attention to AI, Yang characterized the U.S. policy as somewhat disjointed and insufficiently robust. He was among the 2,600 technology luminaries and researchers endorsing a pause on the development of AI systems surpassing the capabilities of GPT-4. At NABS, he reiterated concerns over the premature progression of these generative models, citing instances like the deep fake of the Pentagon under attack, which had tangible market repercussions.
Yang critiqued the U.S. regulatory framework, which he described as reactive rather than proactive, waiting for crises to unfold before initiating legislative discussions. This approach, combined with a ‘winner-takes-all’ economic landscape, he argued, could exacerbate the already significant political and social divides in the country.
He also noted the outdated governance of social media under Section 230 of the Communications Decency Act of 1996, pointing out the anachronism of applying regulations conceived before the advent of platforms like Facebook. He warned that, with the European Union poised to enact AI legislation, the U.S. risks lagging behind due to legislative inertia.
