Gary Gensler on artificial intelligence
From Gary Gensler on 'Bloomberg Technology 03/02/2023 · · Bloomberg Technology
“I think this is one of the most transformative technologies of our time. When I was at M.I.T. I taught and did research on artificial intelligence and it is changing how we drive and how finance happens. Our particular focus is our robo advising. 51 million accounts in America, brokerage applications, millions of Americans, that the applications are using artificial intelligence and predictive data analytics where they might be putting their revenues, the platforms revenues, ahead of the clients interest.”
On , Gary Gensler, Chairman at SEC, spoke about artificial intelligence during Gary Gensler on 'Bloomberg Technology 03/02/2023 on Bloomberg Technology.
About Gary Gensler
Gary Gensler, the former chair of both the SEC and CFTC who now teaches at MIT and co-hosts the podcast "Power and Consequences," has been a frequent commentator on securities regulation, prediction markets, and artificial intelligence. He criticized an SEC proposal to move from quarterly to semi-annual earnings reporting, calling it "a solution in search of a problem" and arguing that transparency is important for capital markets. Gensler also discussed the AI boom, noting that the U.S. is spending roughly $750 billion on AI infrastructure while native AI revenues are around $100-150 billion, and said it is "plausible we'll have that reckoning at some point in time." On prediction markets, Gensler has argued that Congress should prohibit government officials and their families from trading on such platforms, stating "it's too hard to police this and to enforce it rigorously." He expressed opposition to President Trump's call for the CFTC to have exclusive authority over prediction markets, saying the agency is smaller than it was 15 years ago and lacks the capacity to regulate what he described as gaming and betting contracts. Gensler has also called for bans on contracts related to assassination, war, and terrorism, and noted that the CFTC under his leadership voted unanimously in 2012 to prohibit such agreements.