Author: Brian McGleenon, THE BLOCK; Translation: Song Xue, LianGuai
Cryptocurrency companies turning to artificial intelligence in the long winter of the crypto industry may have something new to pay attention to, said Gary Gensler, Chairman of the U.S. Securities and Exchange Commission (SEC), on Tuesday, stating that he has begun to pay attention to artificial intelligence.
Gensler is known for leading regulatory crackdowns on cryptocurrency exchanges including Coinbase, and he used a long post on the social network (previously known as Twitter) to declare that artificial intelligence is “the most transformative technology of our age.” However, he also expressed concerns that “bad actors” may exploit it to influence capital markets.
“We at @SECGov are technology-neutral,” Gensler wrote. “We focus on outcomes, not on the tool itself. However, securities laws may be affected depending on how artificial intelligence technology is used. Within our current authority, we are focused on addressing both the micro and macro challenges of artificial intelligence.”
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The Chairman of the U.S. Securities and Exchange Commission highlighted the application of artificial intelligence in new financial technology tools such as robo-advisors and AI brokerage applications.
He stated, “Artificial intelligence is used in the financial sector for onboarding, compliance planning, trading algorithms, sentiment analysis, etc.” He pointed out that this technology can significantly improve customer targeting and narrow down the scope, thereby bringing more risks to consumers.
“Fraud is fraud under the securities laws,” Gensler continued. He said, “The focus of the U.S. Securities and Exchange Commission is to identify and prosecute any fraud that may threaten investors, capital formation, or the broader market.”
The rise of AI tokens
Since the launch of ChatGPT in November 2022, many cryptocurrency companies have capitalized on people’s interest in AI tools, and blockchain technology has merged with artificial intelligence to form a subset called AI cryptocurrencies.
These new tokens combine innovations from two eras. The top six AI tokens by market capitalization are The Graph, Render, Injective, Oasis Network, SingularityNET, and Fetch.ai.
Some tokens support protocols that use blockchain to build AI applications, data, and services and monetize them. Others leverage the combination of blockchain and artificial intelligence to achieve automation in blockchain-based transactions and supply chain logistics.
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