- Harris emphasizes regulating AI’s algorithmic harms, while Trump focuses on AI’s security risks.
- Both administrations pushed for AI technical standards but Harris seeks more stringent oversight.
- Harris supports stronger antitrust actions against tech giants compared to Trump.
- Trump accepts cryptocurrency in campaign funding, diverging from Harris’s regulatory stance.
- Federal data privacy is still unestablished, with both candidates offering limited solutions.
As the 2024 U.S. presidential election gears up, artificial intelligence (AI) and cryptocurrency regulation emerge as critical issues.
Kamala Harris and Donald Trump offer markedly different visions on these technologies, reflecting their broader ideological divides.
This investigation first published on The Conversation, gets into their policy distinctions, drawing on the insights of Anjana Susarla, a Professor of Information Systems at Michigan State University.
AI Regulation: A Tale of Two Approaches
Under the Biden-Harris administration, there is a pronounced focus on recognizing and addressing algorithmic harms caused by AI.
Harris, speaking at the AI Safety Summit in 2023, highlighted the dangers of algorithmic biases, such as those affecting lending and hiring practices, which can perpetuate discrimination.
Lending Practices
- Credit Scoring: Algorithms used to assess creditworthiness may inadvertently favor certain demographic groups over others. For instance, if historical data reflects biased lending practices, the algorithm may continue to discriminate against applicants from those groups.
- Loan Approval: Automated systems that determine loan eligibility can overlook essential context about applicants, leading to unfair denials based on biased data inputs.
Hiring Practices
- Resume Screening: AI tools that filter job applications might prioritize candidates based on biased historical hiring data, which can disadvantage qualified individuals from underrepresented backgrounds.
- Facial Recognition: Algorithms used in hiring processes may misinterpret or fail to recognize candidates of certain ethnicities or genders, leading to exclusion from opportunities.
The administration has taken steps through federal agencies like the Federal Trade Commission to mitigate these risks.
In contrast, Trump’s administration showed little public concern for these algorithmic harms.
Trump has expressed a desire to repeal Biden’s executive order on AI, though he has acknowledged risks from technologies like deepfakes, indicating some awareness of AI’s potential threats to security.
Trump’s Technical Standards vs. Harris’s Voluntary Commitments
In February 2019, Trump introduced the American AI Initiative, which aimed to double AI research investment and outlined a plan for technical standards.
It also addressed how the federal government should implement AI. Trump’s focus was on trustworthy AI usage within federal agencies.
Conversely, the Biden-Harris administration has emphasized voluntary commitments from tech companies to safeguard rights, exemplified by Harris’s meeting with industry leaders in May 2023.
Their executive order probes the vulnerabilities of large-scale AI models, aiming to prevent potential exploitation by hackers.
Antitrust: Cracking Down on Big Tech
Antitrust enforcement is another area where Harris and Trump differ notably.
The Trump administration attempted to block major mergers, like AT&T’s acquisition of Time Warner, and pursued an antitrust case against Google for its search dominance. However, the attempt to block the merger ultimately failed.
On the other hand, the Biden-Harris administration has demonstrated a more aggressive stance on antitrust actions.
Not only has it filed cases against tech behemoths like Google and Apple, but it also introduced merger guidelines in 2023, aimed at preventing anticompetitive practices and potentially breaking up dominant companies.
Cryptocurrency: A Currency of Contention
Cryptocurrency regulation is another hot topic. Late in his presidency, Trump favored some regulation, evidenced by his administration’s proposal requiring financial firms to collect cryptocurrency wallet identities – rules that were never enacted.
However, Trump has since shifted, advocating for the U.S. to become a Bitcoin superpower and accepting cryptocurrency campaign donations.
In stark contrast, the Biden-Harris administration has maintained a regulatory approach, with the Securities and Exchange Commission enforcing restrictions on cryptocurrencies.
The SEC’s approach is based on the historical context of securities regulation, which dates back to the Great Depression. The Securities Act of 1933 and the Securities Exchange Act of 1934 were created to protect investors by requiring transparency and accountability from those offering securities.
In total, the SEC has initiated over 100 enforcement actions related to crypto assets, emphasizing that courts consistently apply the “Howey Test” to determine whether an offering qualifies as a security based on its economic reality rather than its technological form.
The administration even vetoed a bill that would have clarified accounting for cryptocurrencies, reflecting its cautious stance.
The Elusive Quest for Data Privacy
Despite these regulatory efforts, data privacy remains an unresolved issue.
Biden’s AI executive order urges Congress to pass privacy legislation, yet fails to provide a clear framework.
Trump’s American AI Initiative broadly touches on privacy, but like his successor, offers no concrete enforcement strategy.
In the absence of comprehensive federal legislation, states have pursued their own privacy laws, creating a patchwork of regulations across the country.
Conclusion
As voters consider their options, they must weigh the candidates’ divergent approaches to AI and cryptocurrency. Kamala Harris prioritizes regulation and consumer protection, while Trump leans toward fostering innovation and market growth, albeit with less regulatory oversight.
The path each candidate chooses will shape not only the tech landscape but also the broader societal fabric in the coming years.
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