- Gary Gensler sees artificial intelligence as a transformative technology on par with the internet.
- However, he, according to the chairman of the SEC, carries certain risks, including for capital markets.
- In this regard, the regulator, as Gensler noted, does not exclude the possibility of oversight of the sector.
US Securities and Exchange Commission (SEC) Chairman Gary Gensler said AI poses risks to capital markets.
According to him, the regulator has concentrated its efforts on eliminating both micro and macro problems of the sector.
Gensler noted that he considers AI the most transformative technology of our time. He compared the effect of its introduction with the mass production of cars and the advent of the Internet.
At the same time, AI carries certain risks both for trading in general and for individual participants in capital markets.
In particular, we are talking about a potential conflict of interest between the service provider and the client. The SEC, according to Gensler, is technology neutral.
However, the main goal of the department, as the chairman said, remains the prosecution and prevention of fraud, including if it is based on AI.
Recall that in July 2023, the chairman of the SEC said that AI, as well as technology-derived products, could increase financial instability.
Before that, a fake about his resignation spread on the Internet. As it turned out, fake news was created using a neural network.