SEC Chairman Gary Gensler Discusses the Risks to Finance in AI
Aug 11, 2023 - bloomberg.com
Gary Gensler, the head of the US Securities and Exchange Commission, is shifting his focus from the crypto industry to the rapidly growing field of artificial intelligence (AI). Gensler believes that AI, unlike digital coins and nonfungible tokens, is worthy of the hype it's receiving, calling it the "most transformative technology of this generation". He is particularly interested in the potential risks to markets and investors when AI is used for trading and making recommendations.
Gensler's main concern is to ensure the safety of finance for humans in the face of AI's increasing influence. He emphasizes the need to regulate the automation of daily human tasks, which is becoming more prevalent with the advancement of AI technology. His comments suggest a future regulatory focus on AI within the finance industry.
Key takeaways:
Gary Gensler, the head of the US Securities and Exchange Commission, is shifting his focus from crypto to artificial intelligence (AI).
He believes that AI is the most transformative technology of this generation and warrants the hype it's receiving.
Gensler is concerned about the risks to markets and investors when AI is used for making trades and recommendations.
He emphasizes the need to keep finance safe for humans amidst the booming AI technology.
