The SEC Chair Gary Gensler said he asked his agency to create new regulations for AI to protect the financial sector.
at the National Press Club conference on Monday, Gensler told the crowd that “AI may heighten financial fragility.” He offered some rather staid comments we’ve heard plenty of times before—that AI is the most transformative technology since the printing press—and so on. But he also said his agency was working to suggest“AI may play a central role in the after-action reports of a future financial crisis,” Gensler said.
The biggest issue, he said, was that all the “downstream actors,” AKA all the retail investors, venture capitalist firms, advisors, and so on, could all be getting the same financial information and advice from very few base-layer generative AI models. This, he said, would create a “monoculture” of economics, which puts the entire economy at risk if, let’s say, everybody bets big on theAdvertisementRegulations could be based on individual models as well as AI as a whole, he said, but that’s just the investor end of the issue. The next is how bad actors can abuse generative AI for mass deception.
from a bot Twitter account promoted the rumor that he had resigned from office. Gensler also shared his concerns about the way AI is just the next big tool for getting naive folks wrapped up in the next big financial fraud scheme, as now campaigns can be personalized to the individual based on personalized AI algorithms.
“With AI, fraudsters have a new tool to exploit… we all used to get spam, but it was all the same spam,’ he said. “Now communications can be individualized.”
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