Mike Novogratz, CEO of digital asset investment firm Galaxy Digital, has expressed concern over the government’s focus on regulating crypto rather than artificial intelligence (AI). Novogratz believes that AI is a technology that could trigger a “deep fake” identity crisis, yet regulators seem to be turning a blind eye to it.

Novogratz explained during the firm’s fourth-quarter conference call that the U.S. government has it “completely upside-down” in choosing to focus so much on crypto regulation and nothing on AI regulation. He fears that the rise of AI technology could lead to a crisis where it becomes difficult to prove one’s identity.

He suggests that blockchain-based applications could play a “huge role” in combating some of the issues presented by AI. He believes that crypto and blockchain could be an excellent use case for identity verification around AI.

The fear of AI causing an identity crisis stems from the technology’s ability to create fake personas, or “deep fakes.” In a world where deep fakes become more common, it becomes challenging to prove one’s identity, and this could have disastrous consequences.

Novogratz believes that the government should be focusing more on regulating AI to prevent such a crisis from happening. He suggests that regulating crypto should not be the top priority.

He is optimistic about the future of the crypto market, believing that it will continue to grow throughout 2023. Novogratz thinks that China’s recent decision to ease regulations on tech companies has led to an increase in crypto activity. He believes that the market feels strong, and from a technical standpoint, it is expected to continue its upward trajectory throughout the remainder of 2023.

In conclusion, Novogratz believes that the government’s focus on regulating crypto should not come at the expense of regulating AI. He thinks that blockchain-based applications could help combat some of the issues presented by AI, and that the crypto market has a bright future ahead

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