SEC Chief Warns Unregulated AI Could Trigger Industry-Wide Financial Crisis Within Decade
- SEC chief warns AI could cause financial crisis in decade without regulation
- Concern is "horizontal" - many firms relying on same models, data
- SEC proposed rule in July targeting use of AI by Wall Street firms
- But rule doesn't address "horizontal issue" of industry-wide model reliance
- SEC chair acknowledges regulating AI difficult due to focus on individual firms
