This is a responsible move by the EU privacy watchdog. We cannot afford to waste time addressing the challenges posed by artificial intelligence when the development of this technology is unlike anything we've seen before, and incorrectly designed or managed artificial intelligence poses a fundamental risk to human civilization. We need to be proactive rather than reactive in regulating AI.
AI is the future, and pausing or otherwise trying to set back its development won't solve any problems. AI offers a revolutionary means to address some of the world's biggest challenges, including inequity and even climate change, and it must be used for this. Rather than trying to reign it in, we simply need to identify the tricky areas of the technology and work harder to improve them.
There's a 5% chance that the control problem (i.e. how to create AI that will benefit and avoid inadvertently harming its creators) will be solved before the creation of Artificial General Intelligence, according to the Metaculus prediction community.