Google offers take on role of AI in online payments ecosystem in comments to Treasury

Google, a self-described “facilitator” in the online payments ecosystem, says such services are already covered by extensive regulation that should be “largely capable of managing AI adoption,” while citing the benefits of risk-based frameworks and federal guidelines in comments to the Treasury Department.

“Financial service regulators have long been monitoring technology adoption and innovation in the sector including the use of AI tools. Consequently, AI regulation is likely best addressed first through sectoral approaches that leverage existing regulatory expertise and...