The rise of artificial intelligence (AI) has been tremendous. From OpenAI’s ChatGPT to major firms like Apple jumping on the bandwagon, we appear to be living in the golden age of AI. However, it should be noted that "with great power comes great responsibility," a critical message given by various Spider-Man movies.

The rise of AI is expected to bring significant potential risks to people around the globe. Consequently, industry leaders like Elon Musk and Vitalik Buterin have been very vocal about AI regulations to counter these global risks. Musk, who also operates an AI firm known as X.AI Corp., believes in the potential of this technology, as well as advocating industry regulations.

Need for AI regulations

California has drafted an AI safety bill, SB 1047, to counter the risks and dangers of artificial intelligence. It is reported that this bill, if passed, would hold developers, who invest over $100 million to develop an AI model, more responsible for it. These developers will have to responsibly follow certain measures, such as safety testing of their models.

Reacting to this development, Tesla CEO Elon Musk tweeted that the SB 1047 bill should be passed by California. Although Musk mentioned that his thoughts may upset some people, he has been advocating for AI regulations for more than 20 years. The billionaire thinks that the AI industry should be regulated just as other tech related sectors are regulated to avoid potential risks.

Vitalik Buterin’s concerns

Commenting on Musk’s tweet, Ethereum (ETH) founder Vitalik Buterin also talked about the need for these regulations on the AI space. But he also raised concerns about the efficiency of these bills or drafts. Buterin questioned whether the SB 1047 bill would be put in use to go after open weight models, pretrained models offered for further development.

The Ethereum founder expressed favor for the bill’s “critical harm” category. He said that a charitable reading of bill SB 1047 stated that the aim is to put safety testing procedure in place. Consequently, if developers or firms discover “world-threatening capabilities/behavior” in their models, then they will not be allowed to launch them.