SEC Chairman Gary Gensler warns of an AI-driven financial disaster in next ten years. He doesn't think he can stop it.
There’s a calamity on the horizon if you believe Gary Gensler, Chairman of the US Securities and Exchange Commission . America’s top Wall Street watchdog has issued a dire warning about artificial intelligence: if regulators don’t act now, Gensler said it’s “nearly unavoidable” that AI will trigger a financial meltdown in the next ten years. The problem is a world where major financial institutions all harness the same AI models, Gensler said in a Sunday interview with the Financial Times.
As the Financial Times points out, the finance industry has already rolled out a number of AI tools for consumers and employees alike. Many firms already base their entire business models on data analysis. Over the last year, AI has migrated from gate-kept tools for people with advanced computer science training to increasingly accessible and inexpensive technology that can be rolled out with relative ease. That trend is accelerating, and our regulatory system isn’t equipped to deal with it.
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