The European Union (EU) is taking decisive steps towards regulating artificial intelligence (AI), with the European Parliament overwhelmingly voting in favor of a new draft law, the Artificial Intelligence Act. The final version of the law is expected to be voted on sometime in late 2023. Romanian politician and Member of the European Parliament (MEP) Dragos Tudorache emphasized the importance of AI governance adhering to European values of democracy, fundamental rights, and the rule of law.
If passed, the AI Act will enforce a comprehensive risk-based regulatory regime over AI systems. AI systems that pose a threat to safety, livelihoods, or human rights would be deemed “unacceptable risk” and would be banned. On the other end of the spectrum, “high-risk” systems, such as those used in public transport infrastructure, educational grading, medical surgery, law enforcement, or financial credit-scoring, would need to meet certain regulatory obligations before commercial use. The majority of AI systems used by retail consumers, including AI chatbots and facial recognition software, would fall into “minimal” or “low-risk” categories, requiring companies to ensure users understand how these tools function.
MEP Brando Benifei underlined the desire for AI’s potential to be harnessed while protecting the position of the EU and countering threats to democracies and freedoms. The law intends to address concerns related to AI systems’ possible negative implications, such as bias, discrimination, and job displacement, as previously articulated by notable industry executives like Elon Musk and Sam Altman.
While some have praised the EU’s AI Act, others argue that the act may be overreaching into AI systems that pose limited risk. Boniface de Champris, Policy Manager at the Computer & Communications Industry Association (CCIA), maintains that the new rules should address AI risks while allowing developers the flexibility to create useful AI applications.
In contrast, the United States has taken a slower approach to tech regulation, with Congress opting for a “wait and see” approach to new technologies. The crypto sector in the U.S. has been operating in regulatory uncertainty, marked by recent major lawsuits launched by the SEC against two leading exchanges, Binance and Coinbase.
The EU’s progress on AI regulation is widely welcomed, although it is still unclear whether it can surpass the U.S. lead in the sector. Regardless, the EU’s commitment to AI governance is an important step in addressing the significant potential benefits and risks associated with AI technologies and their applications.
Source: Decrypt
