The evolution of AI is set to profoundly reshape the future. The European Union, recognizing this impending prominence, has enacted the AI Act, regulating market access for AI-based systems. A salient feature of the Act is to guard democratic and humanistic values by focusing regulation on transparency, explainability, and the human ability to understand and control AI systems. Hereby, the EU AI Act does not merely specify technological requirements for AI systems. The EU issues a democratic call for human-centered AI systems and, in turn, an interdisciplinary research agenda for human-centered innovation in AI development. Without robust methods to assess AI systems and their effect on individuals and society, the EU AI Act may lead to repeating the mistakes of the General Data Protection Regulation of the EU and to rushed, chaotic, ad-hoc, and ambiguous implementation, causing more confusion than lending guidance. Moreover, determined research activities in Human-AI interaction will be pivotal for both regulatory compliance and the advancement of AI in a manner that is both ethical and effective. Such an approach will ensure that AI development aligns with human values and needs, fostering a technology landscape that is innovative, responsible, and an integral part of our society.