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- 1 The E.U. Chief Justice has invited the U.S. to join forces for A.I. Regulations.
- 2 The European Union has already launched MiCA and is soon coming up with the Artificial Intelligence Act.
The European Union has now urged the United States to come forward and join hands to regulate Artificial Intelligence. The world’s most dominant and well-known internet companies are headquartered in the U.S. Still, nothing has been substantial from the lawmaker or the courts in the vertical of A.I. regulations and data protection.
European Union Calls United States for A.I. Regulations
The E.U. ‘s Chief Justice, Didier Reynders, spoke to Wired before the biannual meeting with the United States Officials, including attorney general Merrick Garland, in Washington D.C. on July 17, 2023. He argued that it’s high time for the U.S. to step up to work for tighter regulations on artificial intelligence.
He argued the inaction from the U.S. authorities has inadvertently outsourced the regulation of the tech giants to the European Union, giving them tremendous power. Five years ago, the E.U. brought the General Data Protection Regulation (GDPR) into effect, allowing its regulators to protect and regulate data, today’s new oil.
In May 2022, Meta CEO Mark Zuckerberg faced charges regarding data privacy, which garnered a lot of media attention. However, the U.S. Federal Trade Commission (FTC) settled with the giant, which required them to be diligent with user data under threats of fines. Reynders argues that had stringent laws have been in place, the outcome would have been different.
Time to Regulate Artificial Intelligence
With artificial intelligence entering almost every sector, Reynders fears there could be consequences, if the technology is left unchecked. Sam Altman, CEO of ChatGPT developer OpenAI also called for regulatory clarity, but the U.S. lawmakers are not likely to pass new laws soon.
The Market in Crypto Asset (MiCA) is a pioneer comprehensive regulatory framework surrounding crypto and shall be fully effective from December 30, 2024. Moreover, lawmakers are also working on the upcoming E.U. A.I. Act, which is already facing criticism from the industry. Although things can still be changed, benefiting everyone, at least they are making some progress.
The Chief Justice argues the two powerhouses can build international standards if the U.S. and E.U. work together simultaneously. Further arguing that if the E.U. A.I. Act does not match the U.S. regulation for artificial intelligence, tech giants might face the consequences along with general users.
Empowering the Citizens
Reynders has proposed legislation allowing the citizens harmed by artificial intelligence to have a fighting chance. They might sue the technology developer for compensation. The E.U. is already working to be a pioneer in bringing such regulations, but the upcoming parliamentary election in June 2024 could affect the process.
He has urged the technology companies to comply voluntarily with the upcoming artificial intelligence act, which will apply in a few years. He also suggests that the images and videos generated by artificial intelligence could have mandatory watermark reflection of their origin.
Also, the chatbots can be programmed to avoid answering select questions. And, society should be made aware of the hidden uses of technology.
The Transatlantic Data Transfer
The Chief Justice’s visit to the U.S. can be considered a joint win for the officials. They have finalized the third agreement, which shall allow the companies to store the data of E.U. citizens on U.S. servers. The European Union’s cloud storage capability is limited, so companies can significantly benefit from the deal. Also, there shall be ways to protect the data while transferring through the Atlantic.
Both the United States and the European Union are powerful nations; if they join forces to create regulations for artificial intelligence with the goal of the greater good in mind – the world can have a comprehensive regulatory framework surrounding the technology, along with creating an atmosphere for the technology to keep benefiting without harming.
Mr. Pratik chadhokar is an Indian Forex, Cryptocurrencies and Financial Market Advisor and analyst with a background in IT and Financial market Strategist. He specialises in market strategies and technical analysis and has spent over a year as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the Financial markets.
