Elizabeth Warren calls for ‘level playing field’ for crypto and Big Tech AI blocs
US Senator Elizabeth Warren has called for a legal “level playing field” for crypto and restrictions on Big Tech's creation of artificial intelligence (AI) models.
Warren reiterated her crypto position in a Feb. 27 Bloomberg TV interview, saying she wants to “collaborate with the industry.”
“In our financial system, everyone follows the same rules,” she said.
“My view is that it's the same activity, it's the same risk, and it should have the same rules. […] I'm not looking for fancier rules or anything serious; I just want a level playing field.
However, cooperative efforts are hampered, she said, as the only way the industry can “survive” is if there is “a lot of room” for crime – and she lists ransomware scammers, drug and human traffickers and terrorists among the crypto industry. Looking for discounts.
Warren's proposed legislation, the Digital Asset Anti-Counterfeiting Act, aims to treat decentralized technologies like blockchain nodes, verifiers, illegal wallets and software providers to financial institutions like banks and stockbrokers.
Crypto industry executives, organizations and associations have criticized the bill as inappropriate for the technology and will drive innovation and investment overseas.
The US Treasury Department has admitted that claims of crypto's use for terrorism are exaggerated.
RELATED: Senator defies American Bankers Assoc. New Anti-Crypto Bill ‘Intelligent Craft'
Earlier at the Washington DC conference, Warren said she wants to stop major tech players like Microsoft, Google and Amazon from developing AI big language models.
“Each of the major cloud services — Google, Microsoft, and Amazon — should not be allowed to dominate a new field of large scale, and that means blocking large language models from operating,” she said.
Warren argues that Big Tech companies have the infrastructure and funds to dominate emerging AI areas such as chatbots, which could crowd out smaller competitors.
She is seen as a new front in the campaign against Big Tech's market power and concentration in the industry.
Magazine: Legislators' fear and skepticism fuel proposed crypto regulations in the US.
