Back to main

Senator Elizabeth Warren Advocates Fair Crypto Regulation and Curbs on Big Tech AI Dominance

United States Senator Elizabeth Warren has emphasised the need for a fair regulatory framework for cryptocurrency and advocated for restrictions on Big Tech’s development of artificial intelligence (AI) models.

Warren restated her stance on cryptocurrency, expressing her desire “to collaborate with the industry” during a Bloomberg Television interview on February 27.

“In our financial system, pretty much everybody follows the same set of rules,” she remarked, further stating:

“My view is that it’s the same kind of activity, the same kind of risk, and should have the same kind of regulations […] I’m not looking for fancier regulations or anything tougher; I just want a level playing field.”

However, she lamented that collaboration efforts had been hindered, alleging that the industry claims the only way “they can survive” is if there’s “plenty of space” for criminal activity — citing ransomware scammers, drug and human traffickers, and terrorists as among those the crypto industry seeks concessions for.

Warren’s proposed legislation, the Digital Asset Anti-Money Laundering Act, seeks to categorise decentralized technologies like blockchain nodes, validators, noncustodial wallets, and software providers as financial institutions akin to banks and stock brokers.

READ MORE: British Bitcoin ETFs Break Daily Trading Record Amidst BTC Surge

Criticism of the bill from crypto industry figures, organisations, and associations has been vocal, with concerns raised about its suitability for the technology and its potential to drive innovation and investment abroad.

The U.S. Treasury Department has acknowledged that assertions regarding crypto’s use in terrorism were exaggerated.

During a conference in Washington D.C., Warren reiterated her desire to curb the development of AI large language models by major tech players such as Microsoft, Google, and Amazon.

“Each of the major cloud services — Google, Microsoft, and Amazon — should not be allowed to use their enormous size to dominate a whole new field, and that means blocking them from operating large language models,” she asserted.

Warren argued that Big Tech firms possess the resources and infrastructure to monopolise emerging AI sectors like chatbots, potentially stifling smaller competitors.

She portrayed this as a fresh battleground in her crusade against Big Tech’s dominance and concentration within the industry.

Read the latest crypto news today

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Read on Crypto Intelligence Investment Disclaimer