Gary Gensler, Chairman of the US Securities and Exchange Commission, highlights the importance of focusing on the auditing of artificial intelligence in his latest statement.
Gensler regards AI as the most transformative technology of this generation, offering both challenges and opportunities for markets and regulators.
Gensler remarks:
"First there is the auditing of artificial intelligence. We can come to cryptocurrencies later"
The SEC Chairman warns of potential risks AI may bring to the financial system, including coordination, manipulation, bias, and accountability issues.
Gensler stresses the need for the SEC to keep up with the rapidly evolving landscape of innovation.
Notably, Gensler points out that numerous DeFi projects claiming to be decentralised might be controlled by a small group, profiting from selling tokens to the public.