Gary Gensler, Chairman of the U.S. Securities and Exchange Commission (SEC), recently highlighted the challenges of regulating artificial intelligence (AI) and cryptocurrencies in the financial sector.
He stressed the need for regulatory frameworks to adapt to the rapid advancements in these technologies.
Gensler compared AI’s transformative impact to that of the internet and electricity, noting its integral role in finance and the ethical concerns surrounding potential conflicts of interest. He warned that the use of similar AI models across firms could pose systemic risks, especially if reliant on large cloud providers.
Regarding cryptocurrencies, Gensler stated that blockchain technologies are not inherently incompatible with existing securities laws but emphasized that crypto projects must meet disclosure requirements to protect investors. He reaffirmed the SEC’s commitment to enforcing regulations in the sector, especially given past investor losses due to a lack of oversight.
U.K. Stands Firm on Strict Crypto Regulations Amid Innovation Concerns
Defending the SEC’s enforcement approach, Gensler highlighted the importance of robust regulations and disclosure, drawing comparisons to the 1920s market conditions. His term lasts until 2026, during which he aims to lower investor costs, enhance market resilience, and advance regulatory reform.
Malta’s parliament has sent the European Commission a reasoned opinion in opposition to proposed tax rules that help all companies in a group determine their tax base. The House of Representatives
The Bank of Ghana has indicated it is embarking on various anti-money laundering activities to avert another round of blacklisting from the European Union and the United Kingdom. Ghana in 2022 was removed
The Financial Services Commission of Mauritius said on Tuesday that the offshore fund involved in the conflict of interest allegations made by Hindenburg Research is not based in Mauritius. The FSC
India’s stiff 30% crypto tax has been one of the biggest hurdles for traders and exchanges, driving volumes overseas and forcing many firms to relocate. However, with global peers moving toward progressive