.SECGov chairman GaryGensler: “AI may heighten financial fragility as it could promote herding.” LizKNapolitano reports.
Artificial intelligence could destabilize the global economy if big tech companies monopolize its development for financial markets applications, Security and Exchange Commission Chair Gary Gensler warned Monday.
On a more granular level, Gensler said he's asked the agency's staff to recommend potential regulations addressing ways AI might be optimized to benefit intermediaries at investors' expense. His speech, which did not mention the SEC’s aggressive actions against the cryptocurrency markets, comes at a time when AI innovation has accelerated, leading to calls in some corners for the tech to be regulated if not banned. The recent release of GPT-4 underscored how powerful AI tools have become, and critics have expressed fears of everything from job losses from automation to, in the most dire scenarios, human extinction.
In the financial markets, AI currently powers robo advisor-like trading programs and stock market prediction softwares, neither of which bears much resemblance to the omniscient, social order-disrupting AI popularized in movies likeStill, Gensler warned that failing to regulate AI could endanger the global economy by “exacerbat[ing] the inherent network interconnectedness of the global financial system.
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