The chairman of the US Securities and Exchange Commission (SEC), Gary Gensler, warns against artificial intelligence. This may, in his opinion, have a negative impact on financial markets. However, the securities regulator he manages has already presented a concrete proposal to solve some problems that may be generated by AI.
Gensler said he has some concerns about AI. He revealed them in a recent media interview. In his opinion, the emergence of generative AI tools such as ChatGPT suggests major changes in business and society. He warned that “this technology will be the center of future crises, future financial crises.”
Gensler expressed concern that some models of artificial intelligence may put the interests of companies ahead of those of investors, which leads to conflicts:
“You shouldn’t put the advisor above the investor, you shouldn’t put the broker above the investor,” he explained.
However, he also emphasized that the SEC “provided a concrete proposal to resolve these conflicts”:
“Investment advisers by law have a fiduciary duty, a duty of care and a duty of loyalty to their clients… And whether or not you use an algorithm, you have the same duty of care” he added.
Therefore, in his opinion, it is justified to require companies to establish secure mechanisms to ensure that, for example, financial advisors who will use chatbots will not later blame AI technology for their mistakes. He emphasized that the parameters in these programs are set by the people who built these applications.
Technical Market Outlook:
The BTC/USD pair has bounced from the local low made at the level of $28,881, broke above the short-term trend line resistance and hit ht level of $30,190 before pull-back. The next target for bulls is seen at the level of $30,324 and $30,510. The market conditions are extremely overbought on the H4 time frame chart, however, the momentum is still strong, so the short-term outlook remains bullish. Only a sustained breakout back below the trend line would change the outlook back to bearish.
Weekly Pivot Points:
WR3 – $29,401
WR2 – $29,222
WR1 – $29,126
Weekly Pivot – $29,043
WS1 – $28,948
WS2 – $28,864
WS3 – $28,685
Trading Outlook:
The bulls broken above the gamechanging level located at $25,442, so now the mid-term outlook for BTC is bullish. The last pull-back has reached the 38% Fibonacci retracement and the market is ready to continue the up move. The next target for bulls is seen at the level of $32,350. As long as the level of 19,572 is not clearly violated, there is a chance for a long-term up trend to continue.
The material has been provided by InstaForex Company – www.instaforex.com
Crypto Industry News:
The chairman of the US Securities and Exchange Commission (SEC), Gary Gensler, warns against artificial intelligence. This may, in his opinion, have a negative impact on financial markets. However, the securities regulator he manages has already presented a concrete proposal to solve some problems that may be generated by AI.
Gensler said he has some concerns about AI. He revealed them in a recent media interview. In his opinion, the emergence of generative AI tools such as ChatGPT suggests major changes in business and society. He warned that “this technology will be the center of future crises, future financial crises.”
Gensler expressed concern that some models of artificial intelligence may put the interests of companies ahead of those of investors, which leads to conflicts:
“You shouldn’t put the advisor above the investor, you shouldn’t put the broker above the investor,” he explained.
However, he also emphasized that the SEC “provided a concrete proposal to resolve these conflicts”:
“Investment advisers by law have a fiduciary duty, a duty of care and a duty of loyalty to their clients… And whether or not you use an algorithm, you have the same duty of care” he added.
Therefore, in his opinion, it is justified to require companies to establish secure mechanisms to ensure that, for example, financial advisors who will use chatbots will not later blame AI technology for their mistakes. He emphasized that the parameters in these programs are set by the people who built these applications.
Technical Market Outlook:
The BTC/USD pair has bounced from the local low made at the level of $28,881, broke above the short-term trend line resistance and hit ht level of $30,190 before pull-back. The next target for bulls is seen at the level of $30,324 and $30,510. The market conditions are extremely overbought on the H4 time frame chart, however, the momentum is still strong, so the short-term outlook remains bullish. Only a sustained breakout back below the trend line would change the outlook back to bearish.
Weekly Pivot Points:
WR3 – $29,401
WR2 – $29,222
WR1 – $29,126
Weekly Pivot – $29,043
WS1 – $28,948
WS2 – $28,864
WS3 – $28,685
Trading Outlook:
The bulls broken above the gamechanging level located at $25,442, so now the mid-term outlook for BTC is bullish. The last pull-back has reached the 38% Fibonacci retracement and the market is ready to continue the up move. The next target for bulls is seen at the level of $32,350. As long as the level of 19,572 is not clearly violated, there is a chance for a long-term up trend to continue.
The material has been provided by InstaForex Company – www.instaforex.com
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