- Gary Gensler, SEC Chair, says AI could amplify financial instability, calling it potentially the ‘most transformative technology’ since the printing press.
- Gensler expresses concerns about AI’s misuse by wrongdoers and its potential role in financial fraud, and is now advocating new regulations to combat these risks.
- According to Gensler, the misuse of AI could lead to a ‘monoculture’ of economics, and algorithms could unintentionally reflect racial biases due to inappropriately trained data.
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