The Consumer Safety Technology Act (H.R. 1770/CSTA) is a bill that will create a pilot AI program to regulate financial actions and blockchain technology with less human oversight. Supporters argue that any deficit in the financial arena can be spotted more quickly with AI. Those against the bill reason it can cause potential data leaks and allow too much government oversight in the private sector. Does the possible passing of this bill allow for too much federal government regulation in the private sector?
Can’t seem to find the actual article, so I’ll just engage with this small paragraph here.
Capitalism needs to be regulated (or better yet, replaced). Given that the US is currently experiencing the effects of unfettered capitalism (fascism, bribery, oligarchy, price gouging, monopolization, market collusion, just to name a few), I’m for more oversight.
However, the current administration and current Congress are both generally disinterested in actual regulation and, in my opinion, unqualified to implement something like AI-powered guardrails. It’s just the whole “blockchain everywhere” debacle all over again.
Furthermore, who would develop and maintain such a system? There would almost certainly be bids from the usual suspects (i.e. billionaires) who would “definitely develop it in good faith, trust me bro.” They definitely wouldn’t use that kind of access to hamstring the bot that’s supposed to be regulating them. /s
Rather than just putting a bot in charge, how about we just make the wealthy pay their fair share? How about strong legislation that prevents fraudulent transactions and mergers? How about meaningful punishments that deter bad actors, rather than slaps on the wrist that are just “the cost of doing business?”
We don’t need robots and software, we need sensible legislation.