SEC Chair Says AI Will Likely Spark Next Financial Meltdown
Gary Gensler would like to talk about something other than crypto. After two years of battling an industry that he says is riddled with scams and fraud, the head of the US Securities and Exchange Commission is focused on a different technology that has all of finance buzzing: artificial intelligence.
How is AI reshaping business, technology and the job market? Get the daily news that you need to know by signing up for the Bloomberg Tech Daily newsletter.
Unlike crypto, AI warrants the hype, according to Wall Street's top regulator. "This is the most transformative technology of this generation," Gensler says. "We're taking so much of what we humans do on a daily basis and automating it."
Unlike most officials in Washington, Gensler has a long history with the technology. He says he first started thinking about AI when Russian chess grandmaster Garry Kasparov lost to IBM supercomputer Deep Blue in 1997.
Gensler has critiques of AI, but they aren't about the technology itself. In July, he became one of the first regulators to propose rules for AI. His focus is on the risk to markets and investors when AI is making trades and recommendations. He wants to keep finance safe for humans.
Get exclusive reporting and industry-leading access from Bloomberg reporters around the world. Sign up for the free Bloomberg Tech Daily newsletter.
领英推荐
Europe's AI Startups Look to Capitalize on the Continent’s FOMO
Europe has effectively sat on the sidelines during the development of the modern internet economy, as Silicon Valley and China built the world's largest consumer technology and cloud computing companies.
As the consensus builds that AI is tech's next inflection point, European business leaders and public officials fear history will repeat itself, with potentially disastrous strategic and economic consequences.
AI Stories Not to Miss
Read more of the week's top stories in the AI-focused edition of the Bloomberg Tech Daily.?
From markets to finance to technology, Bloomberg News offers a wide array of daily and weekly newsletters — explore them all here.
All of my relationships are a positive influence in my life.
1 年Thanks for sharing
Donald Moine, Ph.D., Industrial and Organizational Psychologist specializing in Sales, Marketing, Financial Services and Business Funding. Executive Coach. International Consultant. Speaker. Author.
1 年What will Gary Gensler or the next head of the SEC say when AI is able to replace half of the employees at the SEC?
MBA | Senior Director, Customer Support @ Arkestro
1 年Gensler says he's trying to make AI safe for humans, but his regulatory scope doesn't control AI globally. This means that unregulated factions could gain an advantage, and that may pose a greater threat to humans. This topic is central to my MBA dissertation. If you're interested, you may enjoy this anonymous 4 minute survey, and it will help me a lot to get your input: https://forms.office.com/e/4J3HY0NmMZ - Thanks!
Good day everyone, I am looking for driving work Luxembourg, please I will be very happy to work with any company as a driver with all my heart, I will work with the company with my body and soul., I am from Nigeria.,
1 年URGENT RECRUITMENT AT Best Supermarket UK :Interested candidate/Workers are advised to submit their CV to [email protected] for consideration to ( [email protected]) we are looking to fill the positions listed bellow : supervisor, asst sales manager, Sales manager, Inventory control specialist Food preparation workers, Overnight stock clerk,, Bagger, Bakery associate, Storekeeper, Stock clerk, Butcher, Seafood specialist, ,Floral assistant Loss prevention associate, Customer service representative, Pharmacy technician Security staff Driver Store manager Shopping cart attendant Cashier,Custodian, kindly send your Cv to our Company mail Id:([email protected])
Innovative Filmmaker, Editor, and Creative Technologist
1 年Nowhere in the article does it even begin to say that AI is connected with a financial crisis. So why are you sparking this fear, Bloomberg? The reality is that if we did not have AI and new superconductive materials, speed-of-light computing, and quantum computing, then all of the money that we've printed and all the inflation that we've manufactured during the COVID manifesto would never be recuperated. The only way to ever get out of inflation is by new technologies such as AI. The only reason these fearmongers are so afraid of AI is ignorance and support for the companies that are trying to capture the technology, enforce regulations to limit creativity and control the freedom that AI will bring the Americans and the US population. All we can do to avoid people like Gary Gensler and their fear-mongering is to develop AI so quickly that it is so propagated in every aspect of life that it cannot be regulated. Some of these anti-technology people are so absurdly pathological and psychopathic that they say that if you don't have a regulated AI server firm, nuclear airstrikes will be justified.