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SEC Chairman Gary Gensler, stated the use of artificial intelligence could lead to an inevitable financial crisis unless any intervention. In his remarks to the Financial Times magazine, Gensler predicted that this crisis could occur within a decade.
Gensler’s concerns revolve around the centralization of artificial intelligence models and cloud service providers. SEC Chairman Gary Gensler stated, “If everyone is relying on the same basic model and the major technology companies own this model. How many cloud providers do we have in the country?
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In addition to cryptocurrency regulations, artificial intelligence has also become one of the SEC’s focal points. Gensler is worried over-reliance on models like ChatGPT could lead to a series of psychological effects in some financial markets. (Such as Wall Street and US financial markets.)
This attitude was also evident in the article “Deep Learning and Financial Stability” . (This article that Gensler previously co-wrote with MIT research assistant Lily Bailey in 2020). According to the 2020 article, the use of artificial intelligence in the financial system could lead to risks in the economy.
The effects of artificial intelligence technology within the financial system could play a significant role in future regulations and financial policies. Also, Gensler’s statements can be a warning about the need for careful regulation of the use of artificial intelligence.
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