US Treasury Secretary Scott Bessent has dismissed AI executives' warnings about existential risk as alarmist, telling them to fix their own industry's problems rather than wait for Washington to act. He ruled out a federal liability shield for AI developers while the US and China continue talks on AI safety.
US Treasury Secretary Scott Bessent has a blunt message for AI executives who warn that their own products could threaten civilization: solve it yourselves. In an interview on October 3, 2026, Bessent called the industry's doom-laden warnings alarmist, arguing that sounding the alarm without offering solutions does not amount to leadership.
The comments carry weight because they come from the official who oversees the US financial system. They also land while Washington and Beijing are discussing AI safety mechanisms.
Bessent's self-regulation push
Bessent's core complaint targeted prominent AI figures who talk about existential risk. In his view, they keep issuing warnings without putting forward workable answers. To make his point, he reached for a horror-movie comparison, likening the control-risk debate to Hannibal Lecter: According to Crypto Briefing: "Stop me before I kill again."
His preferred answer is self-regulation. He urged AI companies to take proactive steps on their own rather than wait for lawmakers to impose restrictions. That does not mean government steps back entirely, however — Bessent said Washington should remain vigilant about potential AI threats.
He drew one firm line. Bessent confirmed the government will not give AI developers a "liability shield", and his reasoning was simple: accountability rests with humans, not with AI systems. Developers who forgo that protective liability shield carry the legal and financial exposure if their systems fail.
A consistent line since spring
The October remarks are not a sudden pivot. They line up with Bessent's earlier warnings against liability waivers, which he laid out in a series of statements in September 2026. Also in September 2026, he advocated for a voluntary pause in the development of frontier AI models.
Bessent has been raising AI policy concerns since spring 2026, following earlier warnings about risks to critical infrastructure. The administration has stressed guarding against advanced AI models that could undermine the financial system, while also wanting the US to keep its technological lead. It is unclear how a voluntary pause squares with that goal, especially with a rival like China in the frame.
The financial-system angle deserves attention from banks and market participants. Bessent has tied his AI concerns to the stability of that system.
Source: Crypto Briefing
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