United States Senator Elizabeth Warren has emphasized the need for a legal “level playing field” in the cryptocurrency industry and called for restrictions on significant tech companies engaging in artificial intelligence (AI) models. In a Bloomberg Television interview on Feb. 27, Warren expressed her desire to collaborate with the crypto industry while advocating for consistent regulations.
Warren clarified her stance by stating that the crypto industry should follow the same rules and regulations as other financial entities. She emphasized the importance of creating a fair and even regulatory environment rather than seeking more stringent regulations.
However, Warren pointed out challenges in collaboration efforts, claiming that some in the crypto industry believe they can only survive if there’s ample room for criminal activities. She listed ransomware scammers, drug and human traffickers, and terrorists as groups the crypto industry seems willing to make concessions for.
Warren’s proposed legislation, the Digital Asset Anti-Money Laundering Act, aims to categorize decentralized technologies like blockchain nodes, validators, noncustodial wallets, and software providers as financial institutions. This move has faced criticism from the crypto industry, with concerns about its impact on innovation and investment.
Warren expressed her desire to prevent significant tech players such as Microsoft, Google, and Amazon from dominating the development of large AI language models in a separate initiative. At a Washington D.C. conference, she argued that these companies should be restricted from using their size to dominate emerging AI areas like chatbots, as it could stifle competition from smaller players.
Elizabeth Warren speaking at RemedyFest. Source: YouTube
Warren’s efforts align with her broader campaign against the market power and concentration of major tech companies in the industry.
