SEC Chair Warns Against 'AI Washing' in Investment Pitches: Market Watchdogs Take Aim at Misleading Information
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In a recent statement, Gary Gensler, the chair of the U.S. Securities and Exchange Commission (SEC), cautioned against the dangers of 'AI washing' in investment pitches. Gensler emphasized the importance of full and truthful disclosure when raising money from the public and offering securities. He highlighted the risks associated with using artificial intelligence (AI) in finance, including the potential for personal biases and conflicts of interest in training data. Gensler also warned against relying on uniform or centralized datasets, as they could lead to market instability. He mentioned the possibility of three dominant players in the AI space and the challenges posed by AI deepfakes in financial markets. Gensler stressed the need for global discussions among financial regulators to a...

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