John Paglia Authors Op-Ed in The Hill on Fostering Innovation: A Call for Embracing Cryptocurrency and AI

In a recent op-ed for The Hill, Pepperdine Graziadio faculty member John Paglia underscores the critical importance of fostering innovative technologies such as cryptocurrency and artificial intelligence (AI). Paglia highlights the Biden administration’s hesitation in fully embracing these advancements, raising concerns about the potential long-term implications for the United States’ position as a technological leader.

Cryptocurrency, often referred to as “freedom currency,” operates without centralized control, offering users more privacy and freedom in their financial transactions. Paglia criticizes the administration’s preference for a government-controlled Central Digital Currency (CDC), which would enable extensive monitoring of financial activities, over decentralized cryptocurrencies. He posits that such a stance inhibits financial innovation and maintains outdated financial systems.

Similarly, Paglia highlights the transformative potential of AI across various industries, from healthcare to education. AI can automate tasks, enhance decision-making, and drive significant economic growth. Despite these benefits, the administration’s regulatory approach to AI, including scrutiny of AI-based software used in real estate, threatens to hinder its development and application.

Paglia cautions that resistance to these technologies could place the U.S. at a disadvantage in the global technological race. He calls for policymakers to adopt thoughtful and forward-looking strategies to embrace cryptocurrency and AI, ensuring that the U.S. remains at the forefront of technological innovation.

Read the full article here.