Changpeng Zhao, the founder of cryptocurrency exchange Binance, suggested the use of artificial intelligence to simplify national laws, making them understandable to the general public.
CZ's Proposal
In a post on X (formerly Twitter), Zhao criticized current legal systems as "gigantic, patched, and often intentionally complex." He argues that AI is great at text processing and that laws should be simple and easy to understand. Zhao also emphasized that his suggestion does not diminish the role of lawyers, but rather suggests that their expertise could be better applied to innovation rather than untangling legalese.
Global Trends in AI Regulation
Zhao's proposal comes amid global efforts to regulate AI, such as the European Union's AI Act and ongoing legislative debates in the U.S. His suggestion shifts the focus of the discussion from whether AI can be regulated to how the technology could assist in rewriting and streamlining laws themselves.
Legal Professionals' Perspectives
While AI may shift law firm workloads from manual tasks to strategic ones, legal practitioners need to balance speed with judgment. A 2023 survey from Wolters Kluwer indicates that 73% of legal professionals expect to integrate generative AI into their work within a year. However, experienced lawyers caution against blind trust in AI without proper context and legal understanding.
Changpeng Zhao's proposal to utilize AI for simplifying legislation opens new avenues in the discussion of integrating technology into the legal field, while emphasizing the importance of legal expertise.
