By George Ward
Brian Armstrong, Coinbase’s CEO, recently voiced his strong opinions on regulating artificial intelligence (AI) via the social media platform X, formerly Twitter. His stance is that AI should remain free from regulatory constraints.
Armstrong asserts that the rapid progress of AI is paramount, particularly in relation to national security. He argues that despite regulators’ best intentions, the imposition of rules often yields unintended consequences, hampering the natural flow of innovation and stifling healthy competition.
Armstrong referred to the early days of the internet to drive home his point. He believes the absence of strict regulation during that period led to what he termed a “golden age of innovation” in internet and software development.
Thus, he advocated for a similar approach, adding that allowing AI technology to evolve naturally without regulatory shackles would yield the most fruitful outcomes. Armstrong also proffered an alternative strategy for safeguarding the AI landscape.
His proposal centers on decentralization and open sourcing-, positing that disseminating the control and knowledge of AI technology across a broader spectrum would foster a more inclusive and dynamic ecosystem.
Global Trend Towards AI Regulation
Despite Armstrong’s fervent advocacy for minimal regulation, it’s essential to acknowledge the global trend toward AI regulation. China, for instance, introduced provisional guidelines for AI activities and management last month.
These rules, jointly established by six of the country’s governmental agencies, represent the inaugural set of AI-specific regulations amid China’s burgeoning interest in the field. Similarly, the United Kingdom’s finance regulator undertook a comprehensive study to gauge AI’s potential impact on competition and consumers.
Its findings acknowledged the transformative potential of AI in reshaping the nation’s workforce and daily lives. However, it also expressed concerns over the rapidness of these changes and their effects on the fast-evolving sector.
Coinbase’s Latest Milestone
Meanwhile, Coinbase has announced that it has secured registration as a licensed cryptocurrency exchange and custodian wallet provider with the Bank of Spain. This accomplishment aligns seamlessly with Coinbase’s Phase II expansion blueprint, known as the “Go Broad, Go Deep” strategy for international growth.
This newfound status empowers Coinbase to offer a comprehensive suite of products and services to retail and institutional users in Spain. While speaking about this latest accomplishment, Nana Murugesan, Coinbase’s Vice President of International and Business Development, was optimistic that this milestone will help the company serve its user base in Spain with its full range of products and services.
Accordingly, Coinbase users in Spain can now avail themselves of various services such as crypto asset custody, fiat-to-crypto transactions, and trading multiple cryptocurrencies. This development marks a monumental stride in Coinbase’s bid to establish a formidable presence across the global cryptocurrency market.