PYMNTS.com October 15, 2023
America’s top financial regulator says artificial intelligence (AI) will cause a financial crisis if left unchecked.
In an interview with the Financial Times on Sunday (Oct. 15), Securities and Exchange Commission Chairman Gary Gensler said that without quick intervention it was “nearly unavoidable” that AI would lead to a crisis within a decade.
He added that regulating AI could be tough, as the risks to financial markets have their roots in technology created by companies outside the SEC’s purview.
“It’s frankly a hard challenge,” Gensler said. “It’s a hard financial stability issue to address because most of our regulation is about individual institutions, individual banks, individual money market funds, individual brokers; it’s just in the nature of what we do....
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