United States Securities and Exchange Commission chair Gary Gensler believes that, without intervention, AI is likely to cause a financial crisis within the next decade.
that, without some form of intervention, a financial crisis stemming from the widespread use of artificial intelligence was “nearly unavoidable.”
The chair’s comments came during an interview with the Financial Times where, according to the article, Gensler says this crisis could come within a decade.“I do think we will, in the future, have a financial crisis … if everybody’s relying on a base model and the base model is sitting not at the broker dealer, but it’s sitting at one of the big tech companies.
Alongside cryptocurrency regulation, artificial intelligence has become one of the SEC’s biggest regulatory challenges. According to the Financial Times, Gensler is concerned about over reliance on similar models leading to herd behavior on Wall Street and throughout U.S. financial markets.Gensler’s stance is nothing new.
The paper continues with an implicit call for government regulation, “existing financial sector regulatory regimes - built in an earlier era of data analytics technology - are likely to fall short in addressing the systemic risks posed by broad adoption of deep learning in finance.”AI a powerful tool for devs to change gaming, says former Google gaming head
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