Staff at the SECGov could benefit from greater use of artificial intelligence, especially when clamping down on violations of U.S. securities law, suggests SEC Chair GaryGensler.
with enforcement actions between 2018 and the first half of 2023. The collapse of FTX in November was followed by a dramatic increase in the rate of these actions.
While Gensler didn’t provide more detail on how the agency could use AI, the SEC Chair spoke highly of the technology and the“AI opens up tremendous opportunities for humanity, from healthcare to science to finance. As machines take on pattern recognition, particularly when done at scale, this can create great efficiencies across the economy.”
“I believe it’s the most transformative technology of our time, on par with the internet and mass production of automobiles,” Gensler added.Despite the overall positive sentiment, Gensler highlighted that many AI systems are filled withOn the issue of bias, Gensler said some predictive AI models reflect historical biases which makes the system less accurate and in some cases, lead to an entirely false prediction.of his resignation began circulating on the internet.
“That’s why I’ve asked SEC staff to make recommendations for rule proposals for the Commission’s consideration regarding how best to address such potential conflicts across the range of investor interactions.” He also believes the emergence of a few AI monopolies may shake up the economy and potentially play a role in a “future financial crisis.”
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