The SEC chairman stressed that the tool could help in market surveillance.
Gary Genslerpresident of the Securities and Exchange Commission of USA (SEC), stressed the importance that the artificial intelligence may have for the staff of your organization and their ability to do apply the established rules.
Between 2018 and the first half of 2023the sec undertook legal actions against at least 54 cryptocurrency companies. In this framework, the sayings of gensler were taken as an idea that aims mainly at the regulation of cryptocurrencies.
What did Gensler say?
The SEC chairman addressed the issue during a speech delivered on July 17 before the National Press Club. In such case, gensler listed several possible cases in which the artificial intelligence could help the regulator in their control tasks.
“Us, in the SECalso we could benefit from more use of AI by the staff in your market surveillancedisclosure review, examinations, application and economic analysis,” he said.
And added that “AI opens up enormous opportunities for humanity, from healthcare to science and finance. As machines assume pattern recognitionespecially when done at scale, this can create huge efficiencies across the economy.”
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AI problems persist, according to Gensler
Despite highlighting the benefits of this new type of technology and how it could help in the control and enforcement of regulations, the SEC chairman stated that there are still some issues to be resolved.
gensler stressed that many AI systems are biased and can be misleading. He also explained that they can present problems in relation to the privacy rights and that they can generate conflicts of interest.
As for partiality, gensler said some AI predictive models reflect historical biases which make the system less accurate and in some cases lead to a totally false prediction.
Source: Ambito
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