A devastating economic crisis caused by artificial intelligence will arrive within the next 10 years absent more regulation, according to U.S. Securities and Exchange Commission Chairman Gary Gensler.
The stock market’s top cop is increasingly warning of a tech-fueled disaster as he looks to build support for his agency’s proposed regulation related to AI.
The chairman has long anticipated that AI will cause a financial crisis, but he has sounded more panicked in recent months since his agency proposed new regulation of the technology. In July, the chairman announced his team would propose rules to govern the use of predictive analytics and other tech used by broker-dealers and investment advisers. The proposal pushes investment firms to neutralize any actions putting a firm’s interest ahead of its investors resulting from the use of new tech tools.
People will call the coming AI disasters “the crisis of 2032 or 2028 or whatever,” Mr. Gensler told Bloomberg, also in August.State financial officers from 15 states expressed opposition to the rules last week in a letter organized under the conservative State Financial Officers Foundation.
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