Can the US and EU find common ground on technology? – TradingView News

A complex digital drama is unfolding across the Atlantic Ocean. The European Union (EU) and the United States (US), traditionally close allies, are at loggerheads over technology regulation. The fight centers on how to stop the growing tech giants that dominate our lives, and the approaches couldn’t be more different.

The EU has proven to be a surprising pioneer in this field.

Fueled by public outrage over data privacy breaches and concerns about the enormous power wielded by companies such as Google and Meta, the bloc has passed a series of landmark laws. The centerpiece of this effort is the Digital Markets Act (DMA), a strong attempt to curb Big Tech’s dominance by establishing clear rules for their activities. The DMA, along with the Artificial Intelligence Bill currently being drafted, is a bold attempt to rewrite the rulebook on digital technologies.

The United States, on the other hand, is sticking to a more piecemeal approach.

While concerns about Big Tech’s market power and the potential dangers of artificial intelligence are no less common in America, policymakers in Washington have relied heavily on existing antitrust laws to allay these concerns. The best example is the recent lawsuit against Apple filed by the Department of Justice. This strategy focuses on specific anti-competitive practices rather than creating a comprehensive technical regulatory framework.

This transatlantic disparity is a source of frustration for Thierry Breton, the EU’s industry chief. Breton believes that a unified approach to technical regulation is essential to creating a smooth and fair digital market across the Atlantic. He imagines a world where data flows freely but responsibly and where consumers have the power to control their information. In his opinion, achieving this goal is only possible through globally coordinated efforts.

However, achieving such harmony turns out to be a huge challenge. The United States, with its entrenched free-market ideology, is wary of regulations that could stifle innovation. It’s no wonder that tech companies themselves lobby fiercely against any measures that could limit their ability to operate. Furthermore, there are fundamental differences in how the EU and the US view privacy. The EU’s General Data Protection Regulation (GDPR) sets a high bar for data protection, while the US takes a more lax approach, leaving much of the responsibility to individual companies.

These are not insurmountable obstacles, but they highlight the complexity of developing a transatlantic consensus on technical regulation. The digital world does not respect national borders. The data collected by Facebook and Google transcends geographic boundaries, and the potential harm from unregulated artificial intelligence could have global consequences. A patchwork of national rules would only create confusion and gaps, ultimately hampering both innovation and consumer protection.

There are signs that progress is possible.

Recent executive orders issued by the Biden administration requiring developers to prioritize security testing in artificial intelligence systems and address the threat of deepfakes show a willingness to address some of the EU’s concerns. Moreover, there is a growing belief on both sides of the Atlantic that the current state of affairs – in which a handful of companies wield enormous power with little oversight – is unsustainable.

The path forward is likely to involve a series of gradual steps rather than a single, sweeping agreement. The EU and the US could start by finding common ground on specific issues, such as artificial intelligence security standards or data portability rules. As trust builds and areas of cooperation expand, the foundations can be laid for a more comprehensive transatlantic technology regulatory framework.

The stakes at stake are significant. The way we regulate the activities of tech giants today will determine the shape of the future digital world. Will it be a space where innovation flourishes while fundamental rights are respected? Or will it become a border of lawlessness, dominated by a few irresponsible corporations? The answer lies in the ability of the EU and the United States to move beyond the current tug-of-war and find a way to cooperate. The future of our digital landscape depends on it.