We need to avoid a 'ready, fire, aim!' approach to AI regulation

Sam Altman, the CEO of artificial intelligence lab OpenAI, told a Senate panel he welcomes federal regulation on the technology "to mitigate" its risks. The panic to regulate artificial intelligence (AI) came almost immediately after last fall's release of ChatGPT popularized the technology with the public. Some industry insiders themselves called for a pause on development, highlighting that expertise in a field doesn't translate into proficiency in the perils of regulation. That appeal was followed by a White House AI Bill of Rights and an educational effort by Senate Majority Leader Chuck Schumer, D-N.Y. Fears about AI include job displacement, data security and privacy, misinformation, autonomous defense systems mistakes, discrimination and bias, and an existential threat to humanity itself. It's imperative to prove actual market failure before regulating and to make sure the costs of doing so don't outweigh the benefits.