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.
During the Hong Kong Fintech week that took place a few weeks ago, The Cryptonomist was present and interviewed Mr King Leung, Global Head of Fintech, Financial Services and Sustainability at InvestHK.
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