Mamma Mia, SEC Does a U-Turn From Cryptocurrency to AI

SEC’s Captain Obvious Discovers AI Is Important

In a pathetic attempt to remain relevant, the US Securities and Exchange Commission’s (SEC) chairman Gary Gensler has decided to shift his focus from cryptocurrency to AI. Apparently tired of babbling about the so-called risks and challenges of the cryptocurrency industry, he’s now discovered that AI “warrants the hype”. Hello, Chairman, welcome to the decade.

So What’s The Big Deal?

So the SEC has finally decided to stop hallucinating about Bitcoin bubbles and turned its myopic gaze onto AI, as if we needed more bureaucracy meddling in technological innovation. Gensler, who has mostly been blabbering about his ill-informed fear of cryptocurrency, now feels AI deserves greater regulatory attention. Well, no shit, Sherlock.

The Fun Part: Implications

With this shift in focus, there’s a good chance that AI’s exciting potential might be soon reduced to a pile of bureaucratic red tape. More serious regulations would likely create useless hurdles for innovators. Oh, and don’t worry about crypto, as the SEC might once again change its viewpoint like a toddler with an attention span shorter than a goldfish’s memory.

My Hot Take for The Day

In a laughable attempt to keep up with the times, the SEC has finally pulled its head out of the cryptosand to discover that AI might actually be important. Who could have predicted it?! Moving forward, let’s brace ourselves for an exciting array of ill-conceived regulations, confusion, and most likely, hindered technological growth. Because if there’s one thing the SEC is good at, it’s putting square pegs in round holes and calling it ‘oversight’.

Thanks, SEC, for reminding us all how a bureaucratic snafu is always hiding around the corner, ready to smother innovation like a cheap, overused metaphor.

Original article:https://www.artificialintelligence-news.com/2023/08/04/sec-turns-gaze-from-crypto-to-ai/