{"id":29469,"date":"2023-09-12T22:43:12","date_gmt":"2023-09-12T22:43:12","guid":{"rendered":"https:\/\/bitcoin.ng\/?p=29469"},"modified":"2023-09-12T22:43:12","modified_gmt":"2023-09-12T22:43:12","slug":"sec-chair-gary-gensler-confirms-use-of-ai-for-financial-surveillance","status":"publish","type":"post","link":"https:\/\/bitcoin.ng\/sec-chair-gary-gensler-confirms-use-of-ai-for-financial-surveillance\/","title":{"rendered":"SEC Chair Gary Gensler Confirms Use of AI for Financial Surveillance"},"content":{"rendered":"\n<p>The Securities and Exchange Commission (SEC) is using artificial intelligence (AI) to monitor the financial sector for signs of fraud and manipulation, SEC Chair Gary Gensler confirmed on September 12 in a Senate oversight hearing.<\/p>\n\n\n\n<p>Gensler said that the SEC is using AI to &#8220;identify patterns of suspicious activity,&#8221; &#8220;detect market manipulation,&#8221; and &#8220;prevent insider trading.&#8221; He also said that the SEC is using AI to &#8220;improve its enforcement capabilities&#8221; and to &#8220;make the markets more efficient.&#8221;<\/p>\n\n\n\n<p>The SEC&#8217;s use of AI is part of a broader trend of regulators using technology to improve their oversight of the financial sector. Other regulators, such as the Financial Conduct Authority (FCA) in the UK and the European Securities and Markets Authority (ESMA), are also using AI to monitor markets and detect fraud.<\/p>\n\n\n\n<p>The use of AI by regulators raises a number of concerns, including the potential for bias and the lack of transparency. However, Gensler said that the SEC is committed to using AI in a way that is fair and transparent.<\/p>\n\n\n\n<p>&#8220;We are committed to using AI in a way that is consistent with our mission to protect investors and ensure fair, orderly, and efficient markets,&#8221; Gensler said. &#8220;We will also be transparent about our use of AI, so that the public can understand how we are using this technology.&#8221;<\/p>\n\n\n\n<p>The SEC&#8217;s use of AI is a significant development in the regulation of the financial sector. It remains to be seen how effective AI will be in detecting fraud and manipulation, but it is clear that regulators are increasingly turning to technology to improve their oversight of markets.<\/p>\n\n\n\n<p>In addition to the concerns about bias and transparency, there are also concerns about the potential for AI to be used to surveil individuals and groups. However, Gensler has said that the SEC will not use AI to track individuals or groups without a warrant.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Securities and Exchange Commission (SEC) is using artificial intelligence (AI) to monitor the financial sector for signs of fraud and manipulation, SEC Chair Gary Gensler confirmed on September 12 in a Senate oversight hearing. Gensler said that the SEC is using AI to &#8220;identify patterns of suspicious activity,&#8221; &#8220;detect market manipulation,&#8221; and &#8220;prevent insider [&hellip;]<\/p>\n","protected":false},"author":8,"featured_media":1223,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[12],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v19.2 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>SEC Chair Gary Gensler Confirms Use of AI for Financial Surveillance - Bitcoin Nigeria - Trusted Bitcoin Resources and Information.<\/title>\n<meta name=\"description\" content=\"The Securities and Exchange Commission (SEC) is using artificial intelligence (AI) to monitor the financial sector for signs of fraud and m\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/bitcoin.ng\/sec-chair-gary-gensler-confirms-use-of-ai-for-financial-surveillance\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"SEC Chair Gary Gensler Confirms Use of AI for Financial Surveillance - 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