United

Artificial Intelligence

Chair

Gary

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 Gary Gensler, the chair of the United States Securities and Exchange Commission (SEC), has expressed his belief in the potential benefits of artificial intelligence (AI) for the agency’s staff. 
 In a speech delivered on July 17 at the National Press Club, Gensler outlined several areas where AI could assist the SEC in its role as a securities watchdog. 
 Gensler emphasized the value of AI in market surveillance, disclosure review, exams, enforcement, and economic analysis, stating, “We at the SEC also could benefit from staff making greater use of AI in their market surveillance, disclosure review, exams, enforcement, and economic analysis.” 
 The chair highlighted the importance of leveraging AI to enhance the efficiency and effectiveness of regulatory processes. 
 While Gensler did not provide specific details on how the SEC could employ AI, he praised the technology and its potential positive impact on financial markets and humanity as a whole. 
 He acknowledged the transformative nature of AI, comparing it to other groundbreaking technologies such as the internet and mass production of automobiles. 
 However, Gensler also acknowledged the lingering issues associated with AI. He pointed out that many AI systems suffer from biases, deception, privacy infringements, and conflicts of interest. 
 Biased predictive AI models, for example, may inaccurately reflect historical biases, leading to false predictions. 
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 Gensler himself fell victim to misinformation when a fabricated AI-generated text of his resignation circulated online. 
 Conflicts of interest can arise when AI systems prioritize company interests over customer interests. 
 Gensler highlighted the need for the SEC to address potential conflicts across various investor interactions and requested recommendations from SEC staff for rule proposals. 
 Moreover, Gensler expressed concern about the emergence of AI monopolies and their potential impact on the economy, even suggesting a potential role in future financial crises. 
 He emphasized the SEC’s commitment to taking action against fraudsters who misuse AI to deceive the public, asserting that fraud remains fraud regardless of the technology employed. 
 In an interview with Yahoo Finance, Gensler reiterated the SEC’s responsibility to pursue those who employ AI for fraudulent purposes, emphasizing that the regulator is authorized and mandated by Congress to take action against such misconduct. 
 Overall, Gensler recognizes the immense potential of AI in enhancing the SEC’s capabilities as a regulatory body. 
 While acknowledging the challenges and risks associated with AI, he remains committed to leveraging its benefits while addressing its shortcomings to ensure the integrity and protection of investors and financial markets. 
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SEC Chair Gary Gensler Advocates Greater Use of Artificial Intelligence for Market Surveillance

Crypto Intelligence

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