AI Trading

In 2023, the world witnessed a massive surge in the use of artificial intelligence (AI) across various industries. But with this technological leap came the urgent need for regulations to ensure responsible and ethical AI deployment.

As we step into 2024, the focus is on the legal challenges surrounding AI and how they’re shaping the future.

Setbacks In Implementing The EU AI Act

One of the significant developments is the EU AI Act proposed by the European Union to regulate the development and usage of advanced AI models. In 2023, the European Union drafted the “EU AI Act” in April, passed it in June, and reached a temporary agreement in December.

However, some top tech players believe the act is too strict. Baker McKenzie and Lothar Determann argue that the process might face delays, like past EU regulations. Wilson Sonsini Goodrich & Rosati, Laura De Boel adds that while there’s a political agreement in December, the formal approval won’t happen until early 2024.

AI Trading

She explained that the rules won’t all kick in at once, depending on the type of AI system.

Difficulties In Ensuring Compliance

In 2024, businesses will face compliance hurdles despite numerous new regulations. Thus, the European Commission urges AI developers to adopt the AI Act’s essential rules, especially in setting up internal processes and training staff.

However, Lothar Determann highlighted that even without a clear AI regulatory framework, businesses will struggle to comply with existing rules applied to AI, such as GDPR, privacy laws worldwide, intellectual property rights, safety regulations, and industry standards.

Meanwhile, US President Biden’s executive order aims to establish safety standards for AI. However, Adam Struck mentioned that the order presents difficulties, especially in the open-source community.

According to him, the order lacks clear directives, making it hard for companies to comply with regulations based on assumptions about products that are not fully developed.

Specific Legal Frameworks

Furthermore, experts predict a trend toward precise laws targeting specific areas, like regulations against AI-generated deepfakes. Accordingly, the US is considering rules for political deepfakes ahead of the 2024 elections, while India is finalizing laws against deepfakes.

Lothar Determann advised AI-related businesses to keep themselves updated on these changes. He mentioned that narrowly focused laws often have a better impact because they’re easier for businesses to understand and comply with, making enforcement more effective.

Additionally, there could be regulations targeting technology investments, with the US Senate supporting legislation mandating local companies to report investments in Chinese tech, particularly semiconductors used in AI.

Clarification About Copyright Laws

A clarification of what constitutes copyright infringement and violations of copyright law is something that many in the industry also anticipate seeing. In the past year, many high-profile copyright-related cases were filed against top tech firms such as Google OpenAI, Microsoft, and Meta for violating copyright rules.

Nearly every type of content has been the subject of these lawsuits, including news, literature, art, and music. Since most of these lawsuits are still pending, 2024 is anticipated to bring about some conclusion.

AI’s Forecasts

When asked about predictions for AI law in 2024, ChatGPT highlighted several assumptions. First, it anticipates stricter global regulations addressing ethical concerns and biases.

Additionally, it forecasts the establishment of more explicit liability standards applicable to AI-related incidents involving developers and users. Furthermore, a heightened emphasis on data privacy laws is more probable in 2024 due to the evolving landscape of AI.

ChatGPT also predicts that transparency in AI algorithms might become a focal point alongside the emergence of specialized regulatory bodies dedicated to overseeing AI implementation. The integration of AI into the workforce may prompt revisions in labor laws and the introduction of new employment models.

It also predicts the introduction of measures to safeguard consumers against misleading or harmful AI applications. The accuracy of these predictions will unfold in 2024.

The legal landscape for AI in 2024 appears poised for significant developments, with anticipation for more specific regulations, addressing copyright concerns, and ensuring responsible AI deployment through stringent global regulations.

AI Trading produces top quality content for crypto companies. We provide brand exposure for hundreds of companies. All of our clients appreciate our services. If you have any questions you may contact us. Cryptocurrencies and Digital tokens are highly volatile, conduct your own research before making any investment decisions. Some of the posts on this website are guest posts or paid posts that are not written by our authors and the views expressed in them do not reflect the views of this website. Herald Sheets is not responsible for the content, accuracy, quality, advertising, products or any other content posted on the site. Read full terms and conditions / disclaimer.

George Ward

By George Ward

George Ward is a crypto journalist and market analyst at Herald Sheets, known for his engaging articles on the latest digital currency trends. With a background in finance and journalism, he presents complex topics accessibly. George holds a degree in Business and Finance from the University of Cambridge.

Leave a Reply

Your email address will not be published. Required fields are marked *