According to reporting from Bloomberg, U.S. Securities and Exchange Commission (SEC) chair Gary Gensler is downplaying its focus on cryptocurrency to direct its attention toward artificial intelligence, a technology that he says “warrants the hype.”
Gensler has a long history with technology, beginning his exploration of AI in 1997, following Russian chess grandmaster Garry Kasparov’s loss to IBM’s supercomputer, Deep Blue. Later, as an MIT professor, Gensler immersed himself in the study of AI, co-authoring a 2020 paper on the risks deep learning poses to the financial system.
Gensler’s shift in focus toward AI does not indicate the SEC loosening its grip on cryptocurrencies. Several lawsuits involving major crypto firms, such as Ripple, Binance, and Coinbase, are pending, signaling that under Gensler’s leadership, the SEC remains committed to enforcing its current actions against crypto companies.
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