SEC Chair Gary Gensler asks for regulation on Artificial Intelligence, triggers downfall of AI-based tokens

FXstreet
FXstreet

28 Jun 2023 3:52 PM

Gary Gensler, Chair of the US Securities and Exchange Commission (SEC), recently shared his thoughts on the adoption of Artificial Intelligence (AI) a...

  • Gary Gensler, Chair of the US Securities and Exchange Commission (SEC), expressed concerns about the risks and potential conflicts arising from the use of Artificial Intelligence (AI) in investor and market access.
  • Gensler's comments negatively impacted the prices of AI-based tokens, with Render, SingularityNET, and Fetch.ai experiencing declines of 5-7%.
  • The SEC's crackdown on cryptocurrencies earlier in June has already caused a sell-off and steep declines in prices, and Gensler is now calling for regulation in the AI sector.
  • The market capitalization of AI-based tokens has dropped by 2.3% in the past 24 hours.

The sentiment in the article is negative, as it discusses the negative impact of Gensler's comments on AI-based token prices and the potential for further sell-offs due to regulatory concerns.

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You May Ask

Who is Gary Gensler and what position does he hold?What are the risks and potential conflicts associated with the use of AI in investor and market access?How have AI-based token prices been affected by Gensler's comments?Why is Gensler calling for regulation in the AI sector?How has the SEC's crackdown on cryptocurrencies affected the crypto market?

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