July 24, 2023
Gensler Takes a Deep Dive on AI
Back in April, Meredith blogged about SEC Chair Gensler’s testimony before the House Committee on Financial Services on the topic of AI, when he mentioned that he had asked the Staff for recommendations on rule proposals regarding the use of AI and predictive data analytics for robo-advisers and brokerage app. In a speech last week before the National Press Club, Gensler took a much deeper dive into the topic of generative AI, which started with this slightly modified disclaimer:
As is customary, I’d like to note that my views are my own as Chair of the Securities and Exchange Commission, and I’m not speaking on behalf of my fellow Commissioners or the SEC staff. Nor for or by a generative AI model.
In the speech, Gensler traces the roots of the current generative AI model that is creating so much buzz, and talks about the risks and opportunities created by generative AI. He focuses in particular on the topics of privacy, intellectual property and rent extractions and financial stability.
– Dave Lynn