When a new technology ushers in a frenzy, it is not far from regulation. Following cryptocurrencies, the chairman of the US Securities and Exchange Commission (SEC) issued another strong warning about artificial intelligence technology.
SEC Chairman Gary Gensler said in an interview Monday that he believes AI is "the most transformative technology comparable to the internet and mass production of cars," but that that may not be a good thing for the market. As with any major technology push, Gensler worries that as AI becomes more widely used, it will create "macro challenges" to society, such as potentially major changes to the labor market (a large number of white-collar jobs being displaced) and intensifying the AI race between China and the United States. Gensler is more concerned that AI will exacerbate the "inherent network interconnectedness of the global financial system," pose risks to market stability, and become the "culprit" of the next financial crisis. It is unequivocal to say that AI is as important as the early emergence of the Internet or the invention of the automobile, and these have also buried "thunder" and bred bubbles for global economic development after leading the changes of the times.
