Gary Gensler has expressed concern over the potential for institutions to face a financial crisis due to excessive reliance on artificial intelligence (AI). He warns that as institutions increasingly rely on AI algorithms to make critical financial decisions, there is a risk of overlooking the inherent limitations and biases of these algorithms. Gensler believes that the complexity of AI systems, combined with the rapid pace of technological advancements, could lead to unforeseen consequences and vulnerabilities in the financial sector. Therefore, he urges institutions to exercise caution and ensure that appropriate checks and balances are in place to mitigate the potential risks associated with overreliance on AI.
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