Regulators must quickly find a way to manage risks posed to financial stability by the concentration of power in artificial intelligence platforms, the chair of the US Securities and Exchange Commission has urged.
Gary Gensler told the Financial Times that without swift intervention it was “nearly unavoidable” that AI would trigger a financial crisis within a decade.
Shaping AI regulation would be a tough test for US regulators, the SEC chair said, as potential risks cut across financial markets and stem from models crafted by tech companies that sit outside the remit of Wall Street watchdogs.
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