OpenAI CEO Altman Testifies Before US Congress, What It Means For Crypto?

Sam Altman, OpenAI CEO and co-founder of the crypto project Worldcoin, testifies in front of the U.S. Congress for the first time today, May 16. Altman plans to convince members of Congress to consider mandating licenses for companies to develop artificial intelligence (AI) tools such as ChatGPT and embrace the AI revolution.

The Senate Judiciary Subcommittee on Privacy, Technology & the Law will seek answers on topics including risks of AI, competition in the industry, and establish safeguards for AI.

OpenAI CEO Sam Altman Testifying at Senate Hearing

While he already met with White House officials last month, this is his first appearance before a congressional panel. OpenAI CEO Sam Altman will seek support on licensing or registration requirements for AI. The AI rules will make companies comply with safety standards such as testing systems before releasing and publishing results.

Committee Chair Richard Blumenthal, asserts AI needs oversight and rules, saying “Artificial intelligence urgently needs rules and safeguards to address its immense promise and pitfalls.”

The hearing also includes testimony from Gary Marcus, Professor Emeritus at New York University, and Christina Montgomery, vice president and chief privacy and trust officer at IBM.

The technology industry has been working on bringing AI to use for months, with endless data and billions of funding. OpenAI’s chatbot ChatGPT launch has made people realize the power of AI, with some criticizing and warning that the technology could end humanity itself.

The AI rules and licenses will help bring some clarity on the need for new regulations for new technologies such as AI and crypto. Some cryptocurrencies and blockchains such as The Graph, Fetch.ai, and SingularityNET have been gaining traction amid the AI revolution.

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Altman’s Worldcoin Project

The hearing has come at a time when Sam Altman is gearing to launch its AI-based crypto project Worldcoin for digital identification and better crypto transactions with World ID and World App.

The company plans to launch these products in this quarter itself. However, notable Ethereum and Polygon developers are skeptical of its success and safety.

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Varinder has 10 years of experience in the Fintech sector, with over 5 years dedicated to blockchain, crypto, and Web3 developments. Being a technology enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers. With CoinGape Media, Varinder believes in the huge potential of these innovative future technologies. He is currently covering all the latest updates and developments in the crypto industry.

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