Tag: regulate
Lawmaker asks ChatGPT if the government should regulate AI, and the answer won’t surprise you
Sam Altman: CEO of OpenAI calls for US to regulate artificial intelligence
The Global Battle to Regulate AI Is Just Beginning
Instead of Banning TikTok, Should We Regulate It Aggressively?
Given what we know about how Big Tech abuses data, about how China’s authoritarian government systematically embraces surveillance as a tool of social control, and about the increasingly adversarial geopolitical relationship between the U.S. and China, it’s not sinophobic to ask questions about how to guard against TikTok’s misuse. It’s common sense. While a ban is probably too drastic and may fail to solve all the issues at hand, regulating the company is sensible. Fortunately, one of the key ways to address some of the concerns posed by TikTok — restricting all companies’ capacity to collect data on Americans — could help us solve problems with online life that extends well beyond this social media platform….
[Evan Greer, the director at Fight for the Future, a digital rights organization], believes members of Congress laser focused on TikTok are “on a sidequest” in the scheme of a bigger crisis of surveillance of online life; Greer points to the American Data Privacy and Protection Act as a potential solution. That law would put in place strong data minimization policies, strictly limiting how and how much data companies can collect on people online. It also would deal a huge blow to the power of the algorithms of TikTok and other social media apps because their content recommendation relies on collecting huge amounts of data about its users. The passage of that act would force any company operating in the U.S., not just TikTok, to collect far less data — and reduce all social media companies’ capacities to shape the flow of information through algorithmic amplification.
In addition to privacy legislation, the Federal Trade Commission could play a more aggressive role in creating and enforcing rules around commercial surveillance, Greer pointed out. TikTok raises legitimately tricky questions about national security. But it’s not the only social media company that does, and national security concerns aren’t the only reason to rethink the freedom we’ve given to social media companies in our society. Any time a powerful actor has vast control over the flow of information, it should be scrutinized as a possible source of exploitation, censorship and manipulation — and, when appropriate, regulated. TikTok should serve as the springboard for that conversation, not the beginning and ending of it.
CNN points out that TikTok isn’t the only Chinese-owned platform finding viral success in America. “Of the top 10 most popular free apps on Apple’s U.S. app store, four were developed with Chinese technology.”
Besides TikTok, there’s also shopping app Temu, fast fashion retailer Shein and video editing app CapCut, which is also owned by ByteDance.
Duncan Clark, chairman and founder of investment advisory BDA China, tells CNN that these apps could be next.
But writing in the New York Times, the executive director of the Knight First Amendment Institute at Columbia argues that “it’s difficult to see how a ban could survive First Amendment review.”
The Supreme Court and lower courts have held repeatedly that the mere invocation of national security is insufficient to justify the suppression of First Amendment rights. In court, the government will have to introduce evidence that the threats it is addressing are real, not merely conjectural, and that the proposed ban would address those threats. The evidence assembled so far is not likely to be sufficient. All of this will no doubt be frustrating to some policymakers, including to some who are commendably focused on the very real risks that social media companies’ practices pose to Americans’ privacy and security. But the legitimacy of our democracy depends on the free trade of information and ideas, including across international borders.
Read more of this story at Slashdot.
Treasury reveals ‘world-first’ proposals to regulate cryptocurrency
FTX collapse shows crypto is ‘too dangerous’ not to regulate – Bank of England
US Officials are Discussing How to Regulate Cryptocurrencies and Stablecoins
The lawmaker asked the agency to clarify what types of digital assets are securities, address how to issue and list digital securities, establish a registration service for digital asset security trading platforms, set regulations on how trading and custody of digital assets should be carried out, and determine what disclosures are required for potential investors to be informed about. “Given the complexity of these issues, and recognizing that some digital assets are securities, others may be commodities, and others may be subject to a completely different regulatory regime, a formal regulatory process is needed now,” Hickenlooper wrote in his letter.
“This will significantly improve policy development and allow the SEC to collect views and understand concerns. Furthermore, it will create clear rules that will benefit investors who currently may not be fully aware of the risks associated with digital asset investments….”
Hickenlooper also wrote that applying old market regulations to cryptocurrency would lead to financial services being more expensive and less accessible; leading to the agency’s disclosure regime being less useful to U.S. residents. “I recognize these questions are complicated, but it is time for the SEC to engage. Empowering innovators, fostering financial innovation, protecting investors, and ensuring market integrity are consistent principles,” the lawmaker concluded in his letter. “I look forward to working with you to build prudent rules as this powerful technology continues to develop.”
Meanwhile, the Securities and Exchange Commission wants some changes of its own, reports Reuters:
The U.S. Congress should give the Commodity Futures Trading Commission more powers to police cryptocurrency stablecoins to reduce risks to the financial system, Securities and Exchange Commission Chair Gary Gensler said on Friday…. With around $150 billion in market capitalization, stablecoins have many similarities to money market funds, and need to be regulated accordingly, Gensler said at a conference held by Georgetown University’s Psaros Center for Financial Markets and Policy in Washington…. “I think the CFTC could have greater authorities. They currently do not have direct regulatory authorities over the underlying non-security tokens,” he said….
The Financial Stability Oversight Council, a U.S. regulatory panel comprising top financial regulators, earlier this month recommended that Congress pass legislation addressing the risks digital assets pose to the financial system, including bills to bolster oversight of crypto spot markets and stablecoins. It remains unclear when Congress might pass crypto-related legislation, although several bills have been introduced to address stablecoins and digital commodities regulation.
Read more of this story at Slashdot.
FTC kicks off efforts to regulate data security and surveillance tech
The Federal Trade Commission is officially starting its efforts to broadly regulate data security. The agency has published an early notice of proposed rulemaking that asks the public to comment on commercial surveillance and data gathering practices, such as camera monitoring or protections for sensitive info. Officials not only want to understand the harms and benefits of technologies, but gauge interest in rules that could require stricter safeguards (such as tougher encryption) and bans on deceptive security claims.
The FTC’s request for input also touches on specific issues, such as biased surveillance systems and algorithmic errors. Similarly, regulators are interested in whether or not existing data security practices hurt children.
In explaining the proposal, the FTC was concerned that enforcement by itself wasn’t enough to protect consumers. The Commission can’t seek civil penalties for first-time violators, for instance. In theory, new rules would encourage stronger security policies, provide more relief to hack victims and ensure a more consistent approach to cases.
On top of the comments, you’ll have a chance for more direct feedback. The FTC is hosting a virtual public forum on September 8th that will give people two minutes each to share their views. The session will also include a panel discussion.
The FTC is still far from outlining rules, let alone putting them into effect. Even so, there’s plenty of pressure to act. Governments at multiple levels in the US are increasingly banning or withdrawing at least some uses of surveillance tech, and there’s a growing backlash against companies that either misuse personal data or are prone to data breaches. New regulations could reduce violations and otherwise ensure that data holders show more respect for your privacy.
SEC Chairman Publishes Video Outlining Plan to Regulate Crypto Trading Platforms – Regulation Bitcoin News – Bitcoin News
by Kevin Helms The chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, has published a video explaining how the agency plans to regulate crypto exchanges. “I’ve asked our staff to work directly with the platforms to get them registered and regulated,” the SEC chief revealed.U.S. Securities and Exchange Commission (SEC) Chairman Gary…