AI will almost certainly spark a financial crisis, the chair of the US markets watchdog has warned, as he called for urgent regulation of the new technology, The Insider reported.
US Securities and Exchange Commission chief Gary Gensler told the Financial Times that it was “nearly unavoidable” that AI would spark a markets crash in the next decade, and said a reliance on models developed by tech companies could lead to economic chaos.
Gensler said there needed to be AI regulation that includes the AI models built by tech companies and how they are used by Wall Street banks, the report went on.
Read the full story: The Insider
- By Sean O’Meara
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