Gary Gensler, the chairman of the United States Securities and Exchange Commission (SEC), has expressed serious concerns about the risks associated with Artificial intelligence (IA) in the financial sector.
In an interview with the Financial Times, Gensler emphasized the urgent need to regulate AI and warned about the possibility of a significant financial crisis in the next decade if regulation is not implemented.
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The SEC is an independent federal agency in the United States, charged with regulating the country's financial markets.
During the conversation, the head of the SEC highlighted the challenges involved in supervising AI and highlighted that this is a problem that requires the cooperation of several organizations.
The growing presence of AI in financial markets brings with it significant risks and challenges, as highlighted, making the regulation a critical issue to ensure the stability and security of the financial system.
Gary Gensler recognizes that regulating Artificial Intelligence in the financial sector is a complex challenge, as the Most of the existing rules focus on individual institutions, which does not apply to this problem of a more general nature. broad.
He notes that the issue of AI is transversal and goes beyond simply updating existing regulations, as it the underlying models rely on large technology companies and involve a large number of providers across the country.
The SEC chairman, in his view, expresses significant concerns about the possibility of a financial crisis occurring between the late 2020s and early 2030s.
This concern derives from the tendency of companies in the financial sector to depend exclusively on a single data model, which could lead to “herd behavior” and, consequently, instability financial.
Gensler emphasizes the importance of avoiding this scenario and the need for regulation to mitigate the risks associated with Artificial Intelligence in the financial sector.
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