The CEO of cryptocurrency exchange Coinbase expressed his stance against banning AI as it could stifle innovation.
Through a publication on his X account, Brian Armstrong, CEO of the Coinbase exchange, expressed his firm opposition to the regulation of artificial intelligence (AI), in which he argued that this measure could stifle innovation. His perspective is based on the historical success of the software and Internet industries, which largely flourished in the absence of strict regulations.
Armstrong also underscores the urgency of advancing the field of AI, citing national security concerns as a key factor justifying his position. At its core, he believes that government oversight often leads to unintended consequences and can hinder competition and innovation, even when there are good intentions:
“We need to make progress on it as fast as possible for many reasons (including national security). And the track record on regulation is that it has unintended consequences and kills competition/innovation, despite best intentions.
We’ve enjoyed a golden age of innovation on software and the internet largely due to it not being regulated. AI should do the same. The best protection is to decentralize it and open source it to let the cat out of the bag.”
The executive’s comments reflect his previous views on the cryptocurrency industry, which he has warned for years will be driven overseas if too many laws are imposed. This is especially true in the space of decentralized finance (DeFi), which Coinbase argued last year should not receive the same regulatory attention as centralized companies.
“Experience shows that regulation has unintended consequences and kills competition and innovation, despite the best intentions,” he argued.
Bybit Cryptocurrency Exchange Suspended Services in the UK Over FCA Regulations
In other crypto news, Dubai-based cryptocurrency exchange Bybit announced the suspension of its services in the United Kingdom. This, in response to pending regulations from the country’s Financial Conduct Authority (FCA).
On September 22, Bybit reported that as of October 1 it would stop offering its services to residents in the United Kingdom, including a ban on opening new accounts. Later, on October 8, they will suspend the ability to make new deposits, the creation of new contracts and position changes for existing users.
Huobi Celebrates its 10th Anniversary and is Now Renamed HTX
In an industry where a decade is a milestone of great importance, cryptocurrency exchange Huobi, now rebranded as HTX, is celebrating its 10th anniversary. This event marks the successful end of a journey filled with notable ups, downs and challenges.
The change of name to HTX, under the new ownership of Justin Sun, the controversial founder of TRON, marks the beginning of a new chapter globally. From another point of view, ‘HT’ also represents the native token of the platform on the exchange (HTX Token), so the name ‘HTX’ can be understood as the exchange dedicated to the commercialization of HT.
Drug Trafficking Gang in Chile Operated a Bitcoin Mining Network
The Investigative Police (PDI) of Chile found a drug trafficking gang that was involved in Bitcoin mining activities. This was discovered during an operation that took place this September in La Cisterna, Santiago de Chile. There, authorities seized 19 Bitcoin mining equipment, as well as various prohibited substances and weapons.
The PDI shared this information through the local media El Mostrador, where it was specified that, of the 19 Bitcoin mining equipment seized, only 10 were in operation.
By Audy Castaneda