A significant risk theme revolves around users creating harmful content and determining who should be held accountable – the users or the platforms. One core issue with the Act is the designation of foundation models in the highest risk category, primarily due to their open-ended nature.

With extraterritorial jurisdiction and provisions targeting open-source developers and software distributors like GitHub, the Act could create more problems than it solves by encouraging unsafe AI practices and limiting access to advanced AI technologies. The EU AI Act, scheduled to come into power in 2026, is still just a proposal, but it has already raised concerns about its impact on the American tech ecosystem and potential conflicts between US and EU laws. The hearing not only showcased the willingness of industry leaders to engage in discussions on regulation but also demonstrated the need for a balanced approach to avoid stifling innovation. This was a unique approach, as historically, US companies have tried their hardest to avoid regulation. The speakers openly addressed potential risks of AI technology and emphasized the need for precision regulation. The discussion was particularly interesting due to its timing, as it followed the recent release of the EU's proposed AI Act, which could potentially ban American companies like OpenAI and Google from providing API access to generative AI models and impose massive fines for non-compliance.

In a historic and candid Senate hearing, OpenAI CEO Sam Altman, Professor Gary Marcus, and IBM's Christina Montgomery discussed the regulatory landscape of AI in the US.

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