Posted 10/17/2023, 1:38:48 AM
SEC Warns Lack of AI Regulation Could Trigger Next Financial Crisis
- SEC chairman warns AI will likely cause next financial crisis due to lack of regulation
- Financial firms adopting same AI models could make identical decisions, triggering market calamity
- SEC proposed new rule to address AI conflicts of interest at broker-dealers and advisers
- American regulators considering additional AI rules, while Europe moving ahead with comprehensive AI law
- AI technology rapidly evolving so regulators may fail to keep up even if new crisis already seeded
