Gary Gensler, the chair of the US Securities and Exchange Commission (SEC), expressed his belief in the potential benefits of increased utilization of artificial intelligence (AI) by the agency’s staff.
In a speech delivered on July 17 at the National Press Club, Gensler not only discussed the recent Ripple court ruling but also outlined various ways in which AI could aid the SEC in its role as a securities watchdog.
“We at the SEC also could benefit from staff making greater use of AI in their market surveillance, disclosure review, exams, enforcement, and economic analysis,”
Between 2018 and the first half of 2023, the US Securities and Exchange Commission (SEC) initiated enforcement actions against at least 54 cryptocurrency firms. The rate of these actions saw a significant surge following the collapse of FTX in November.
Although Gary Gensler, the Chair of the SEC, did not elaborate further on the specific implementation of AI by the agency, he expressed admiration for the technology and its potential to positively influence financial markets and benefit humanity as a whole.
“AI opens up tremendous opportunities for humanity, from healthcare to science to finance. As machines take on pattern recognition, particularly when done at scale, this can create great efficiencies across the economy.”
“I believe it’s the most transformative technology of our time, on par with the internet and mass production of automobiles,” Gensler added.