AI’s Lessons for Crypto: Winning Over Washington
While the cryptocurrency community struggles to transform its popularity into political leverage, the AI sector offers vital insights into maneuvering through Washington’s complex corridors.
Recently, top AI companies met with influential U.S. senators, underlining Washington’s growing focus on AI technologies. This interest isn’t surprising, given that AI has already been the subject of both presidential speeches and cooperative agreements between the government and private sectors. Even the U.S. Securities and Exchange Commission is closely observing the implications of AI.
John Rizzo, the former Senior Spokesperson at the U.S. Department of the Treasury, emphasizes that the AI industry should study Washington’s response to cryptocurrencies to predict possible future challenges.
While it may seem odd to compare AI and cryptocurrencies – given their vast differences in application and cultural perception – there are critical learnings the AI industry can take from crypto’s experiences.
The political landscape in the U.S. has evolved since the internet’s rise. The AI sector faces a Congress that’s often skeptical, questioning the technology’s intentions. Though AI doesn’t need to defend its existence as crypto does, it must work to shift the presumption of potential harm.
The changing media dynamics have also played a role. In the digital age, many Americans rely on social media, which often sensationalizes rather than educates. As a result, lawmakers feel pressured by the public’s shifting perceptions. AI, much like crypto, may be judged harshly for minor lapses, even when it generally outperforms human-driven processes.
The challenges faced by the AI and crypto industries differ in scale and nature. Cryptocurrencies primarily target the strictly regulated financial sector. In contrast, AI spans numerous industries, some less regulated than others. This breadth allows AI more flexibility in navigating policy, but it also brings unique challenges, especially in the financial sector. For instance, the utilization of AI in financial processes could pose systemic risks during economic downturns.
How can AI avoid the regulatory obstacles that have stalled crypto’s progress? The AI sector has two primary advantages: the yet unsettled stance of policymakers on AI regulation and significant capital. To ensure smooth regulatory navigation, the AI industry should proactively engage in public affairs, weaving AI’s narrative into America’s broader tapestry. Highlighting AI’s advantages to the common man can help win public trust.
Unlike crypto, which focused on lobbying in Washington, AI should target grassroots campaigns in strategic regions to win lawmakers’ favor. By focusing on local engagements, AI can build a robust foundation of trust, ensuring a smoother political journey in D.C.
