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We could be looking at one of the most significant technological innovations in human history, Hawley said. And I think my question is, what kind of an innovation is it going to be?

Blumenthal said there are real potential bright sides to artificial intelligence, such as curing cancer or developing new understanding of physics. But the technology comes with potential pitfalls, such as disinformation and deepfakes, he said.

Perhaps the biggest nightmare is the looming new industrial revolution, the displacement of millions of workers, the loss of huge numbers of jobs, Blumenthal said.

Industry officials testified at the hearing that the U.S. government should play a role in addressing artificial intelligence.

Samuel Altman, the CEO of OpenAI, which released ChatGPT, told the committee that the artificial intelligence research and deployment company thinks regulatory intervention by governments will be critical to mitigate the risks of increasingly powerful models.

Excerpt from:
Senators use hearings to explore regulation on artificial intelligence - Roll Call