CFTC Chair Mike Selig says AI could reshape financial markets
Mike Selig, who heads the US Commodity Futures Trading Commission (CFTC), recently shared his thoughts on how AI could totally change the way financial markets work.
He pointed out that while AI might make trading smarter and open up new opportunities, it also brings up tricky questions, like who's responsible when an AI system makes its own decisions.
Mike Selig urges 'superintelligence' rules
Selig wants to call this tech "superintelligence," saying its impact could be as big as the early days of the internet.
He stressed that clear rules are needed so developers and entrepreneurs know where they stand.
Meanwhile, Brett Harrison, the CEO of AI derivatives exchange firm Architect and the former president of the US arm of FTX before the crypto exchange imploded in a global fraud scandal, highlighted that AI could help smaller firms get access to financial tools usually reserved for big players.
The CFTC is keeping the conversation going, with a roundtable on 24/7 trading set for December 15, showing they're serious about keeping up with tech changes.