The chairman of the SEC is once again being talked about. While he is known for his outings against crypto exchanges, Gary Gensler this time attacks AI and its use. Why so much reluctance on digital evolution?
Gary Gensler says you can’t trust technology you don’t control
The development of AI is booming, and more and more companies want to create the most successful artificial intelligence. Although she is very helpful in some areas, SEC Chairman Gary Gensler thinks it’s a bit far-fetched to entrust her with managing an investment.
During a interview on Bloomberg, Gensler reiterated that his organization puts the best interests of the customer first. Therefore, when an investor uses a broker, it is for the latter to present him with the best offers for him. In the case of AI, no one really knows what it is because no one can predict what this transformative technology will become. Thus, it would be better to use it less often, and let the human do its job.
The SEC and cryptos, reconciliation is not for now
Gary Gensler is not a big fan of crypto assets and the case against Ripple is not helping matters. While the crypto market is growing considerably, the chairman of the SEC wants at all costs to respect the basic rule of the institution. According to his statements, their team is shrinking as cryptocurrencies gain traction over the years.
Therefore, it is important to standardize the rules between the compliant markets and the black market which, according to him, represents nearly half of the market. Pending full digital asset regulation, Gensler recently approved a plan that requires platforms to disclose cyberattacks.
Gensler believes that a disclosure will let investors know if an exchange is reliable or not at the moment. In this momentum, companies that are victims of hacks must disclose the information within four days. Although some do not respect this rule yet, others in this case follow the plan, which leads him to believe that he is not entirely wrong.
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