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Home INDIA

SEC Chairman Gensler Warns of AI’s Potential

by Ayushi
August 9, 2023
in INDIA
IndiaAI Mission seeks to showcase to the international community the positive applications of the revolutionary technology for societal benefit, thereby elevating India's global competitiveness

AI, Artificial Intelligence concept,3d rendering,conceptual image.

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US Securities and Exchange Commission SEC Chairman Gary Gensler has voiced apprehensions about the potential of artificial intelligence (AI) to heighten the risk of a financial crisis, citing concerns over increased uniformity and interconnectedness in financial systems. This view echoes his stance outlined in a 2020 co-authored paper on deep learning and economic stability.

 

SEC Chairman Gensler emphasized the accelerated advancement of technology and its potential to intensify the uniformity and interconnections within financial systems, rendering them more challenging to regulate. He articulated his concerns during an interview with Dealbook, where he stated that AI has the potential to be at the core of future financial crises, largely due to the intricate dynamics of scale and network economics.

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According to Gensler, a limited number of AI companies are poised to provide the majority of tools upon which the business and finance sectors rely. He explained that as the system becomes more centralized, the reliance on uniform information increases, thereby augmenting the possibility of a crash. This sentiment aligns with his previous statements in July about AI encouraging herd behavior and monocultures among investors.

 

Gensler further highlighted that AI models might prioritize the interests of companies over those of investors. In response, the US Securities and Exchange Commission proposed a rule in July aimed at mitigating conflicts of interest between companies and investors. Gensler stressed that companies have a responsibility to safeguard consumers from the potential adverse effects of their technology, ensuring that advisers uphold their fiduciary duty, care, and loyalty to clients even when using algorithms.

 

The US Securities and Exchange Commission chairman’s comments reflect an ongoing consideration of the potential advantages and risks associated with AI’s increasing influence in financial systems. As AI’s role continues to evolve, regulatory bodies like the SEC are exploring ways to strike a balance between leveraging AI’s transformative capabilities and safeguarding against potential pitfalls.

Tags: AIArtificial Intelligencecentralizationconflicts of interestfinancial crisisfinancial systemsGary Genslerherd behaviorinterconnectednessinvestorsnetwork economicsregulationSEC Chairmanuniformity
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