SEC Chief Sounds Alarm on Looming AI Financial Crisis

SEC Chair Gary Gensler warns an AI-driven financial crisis is coming within a decade.

Gensler is concerned the reliance on a few dominant AI models could lead to herd behavior on Wall Street.

Gensler fears Big Tech's control of AI will homogenize the financial market.

This stance echoes a 2020 paper Gensler co-authored warning of systemic risks from AI in finance.

Gensler implies current regulations are outdated and can't address the AI-related systemic risks.