Acting Chairman of the U.S. SEC: Financial AI should be regulated in a technology-neutral manner

Odaily Planet Daily News: The U.S. Securities and Exchange Commission officially released the speech of its acting chairman Mark T. Uyeda at the Financial Industry Artificial Intelligence Roundtable. Mark T. Uyeda said that the U.S. financial market has been making continuous progress by leveraging technological innovation, and various forms of artificial intelligence have been used in financial products and services. The use of these technologies has promoted trading and investment as well as improvements in financial products and processes. Financial regulators should adopt a technology-neutral regulatory approach and avoid an overly prescriptive approach, as this approach may cause rules to quickly become outdated and repetitive, and compliance adopts a "check box" approach and hinders innovation. If technological advances such as artificial intelligence create potential loopholes in the regulatory structure or indicate the need for additional guidance, the U.S. Securities and Exchange Commission has a responsibility to address these loopholes or provide guidance in a way that encourages innovation while protecting investors. The U.S. Securities and Exchange Commission must keep in mind its statutory powers and prioritize effective and cost-effective regulations in this area.