Emerging technologies like artificial intelligence (AI), cryptocurrencies, and web3 have tremendous potential to transform our economy and daily lives. However, lack of prudent regulation exposes consumers to risks like fraud, theft, and loss of privacy.
Cryptocurrency scams alone cost Americans $1 billion just in 2021. And AI-driven products increasingly impact finances, healthcare, and civil rights, often without oversight. Responsible policy is urgently needed.
We cannot make the mistake of hastily over-regulating in ways that stifle progress. But common-sense safeguards must be enacted to prevent harm as these technologies mature.
Without judicious guardrails, these groundbreaking innovations could become tools of exploitation rather than liberation. Companies should not have free rein to act recklessly or unethically. Thoughtful standards are essential.
How We Will Solve the Problem Together
To balance innovation and consumer protection, I will bring together technology leaders, policy experts, and consumer advocates to craft pragmatic policies.
With broad collaboration, we can create a regulatory framework that spurs US leadership in emerging tech while preventing harms. Unity around shared priorities will pave the path to progress.
How We Will Advance the Issue in Washington, DC and Maryland
To balance innovation and consumer protection, I will champion policies including:
- Classifying different crypto assets and regulating them appropriately to their form and function.
- Empowering the CFTC and SEC to oversee crypto spot markets and issue guidance on cybersecurity.
- Creating standards for stablecoins to prevent runs, fraud, and market instability.
- Forming advisory committees of experts to advise lawmakers on emerging technologies.
- Requiring disclosures so consumers understand crypto offerings before investing.
- I will ensure policies are crafted transparently with input from tech experts, consumer groups, and industry leaders. We need broad collaboration to get the balance right.
Ongoing oversight will also be critical as technologies rapidly evolve. Agencies must track developments and update regulations accordingly. Regulatory agility is key.
In addition to prudent consumer protections, we must prepare American workers for potential job displacements from emerging technologies like AI. Companies utilizing AI and automation should provide displaced employees with one year of salary, robust severance, and funded retraining. This moral obligation will ease difficult transitions.
I will also increase investments in lifelong learning and skills training programs. Workers must have opportunities to obtain qualifications for newly created roles.
The Benefits for America and Maryland
With prudent guardrails in place, we can embrace new technologies confidently. Wise policy will spur US leadership in AI, crypto, and web3 while protecting consumers.
Innovation and progress demand not reckless freedom nor overbearing regulation, but responsible stewardship. We must get the balance right.
If guided by ethical priorities, these emerging technologies could help build a society that is more just, equitable and empowering for all people. Realizing that hopeful future begins with enacting policies that put humanity first today.