Gary Gensler, Chairman of the US Securities and Exchange Commission (SEC), said in an interview /A> Financial Times about the possibility of financial crisis due to artificial intelligence. In his opinion, this can happen already in the late 2020s or early 2030s. Hensler emphasized that excessive dependence on models developed by technological companies can lead to economic chaos.
“I think that in the future we will have a financial crisis … And in the reports, according to the results, people will say:” Yeah! There was one data aggregator or one model we relied on. ‘ Perhaps this will be in the mortgage market or in some sector of the stock market, “he said.
Hensler called for the regulation of artificial intelligence, which would take into account both basic models of AI created by technological companies and ways to use them by banks on Wall Street. He described this as “Interdepartmental Regulation”.
Wall Street banks actively adopt generative artificial intelligence. So, the Morgan Stanley launched an AI assistant based on the GPT4 model from Openai to help employees in access to market information. In turn, JPMorgan filed a patent for the AI model called ‘Indexgpt’, which would help traders choose securities for investment.
Nevertheless, some banks introduced restrictions on the use of ChatGPT, even experimenting with new technology. Goldman Sachs, Deutsche Bank and Bank of America forbade their employees to use chatbot at work earlier this year.