Europe's Gamble on AI Regulation

In April, the European Union took its first steps toward building a new comprehensive framework for regulating artificial intelligence (AI). Drafted by the European Commission, the Artificial Intelligence Act bans certain AI practices outright and mandates that AI applications deemed as "high risk" meet strict data governance and risk management requirements. The bill may be an inflection point in Europe's digital future. In the United States, policymakers are rightly focused on boosting America's competitiveness by supporting development and use of AI. In proposing the AI Act, European leaders seem to believe that their capacity and willingness to regulate is a competitive advantage over more innovative economies.