Markets Insider (October 16)
SEC Chair Gary Gensler “has warned that AI could trigger a financial crisis, as Wall Street rushes to adopt the new technology.” He is calling for “AI regulation that addresses both the underlying AI models built by tech companies and how they are used by Wall Street banks, describing it as a ‘cross-regulatory challenge.’”
Tags: Adopt, AI, Banks, Chair, Financial Crisis, Gensler, Models, New technology, Regulation, Rushes, SEC, Trigger, Wall Street, Warned
Bloomberg (June 7)
“The Securities and Exchange Commission has fired a major new salvo in Chair Gary Gensler’s war on crypto, declaring illegal two of the world’s largest digital-token trading platforms, Binance and Coinbase. It’s a welcome development: In myriad ways, the two enterprises exemplify what financial intermediaries shouldn’t do. What’s needed now is an actual rulebook.”
Tags: Binance, Chair, Coinbase, Digital-token trading platforms, Financial intermediaries. Rulebook, Gensler, Illegal, SEC, War on crypto
Reuters (May 6)
The SEC and its Chair Gary Gensler have refused to “make clear how existing securities laws apply to digital assets.” From their perspective, “there’s little upside in breaking the silence.” If they state digital assets are securities, “Gensler would have to show his reasoning, opening the SEC up to more costly legal battles that it could lose.” By refusing to rule make, “the agency can keep firing off enforcement actions.”
Tags: Costly, Digital assets, Eforcement actions, Gensler, Laws, Legal battles, Reasoning, Refusing, Rule make, SEC, Securities, Silence, Upside
