tl;dr
CFTC commissioner Kristin Johnson proposed heightened penalties for using AI to commit financial crimes at the CFTC's Technology Advisory Committee meeting. She also suggested creating an interagency task force to address AI challenges, aligning with President Biden's executive order. The CFTC recen...
CFTC commissioner Kristin Johnson has proposed heightened penalties for using AI to commit financial crimes at the CFTC's Technology Advisory Committee meeting. She also suggested creating an interagency task force to address AI challenges, aligning with President Biden's executive order.
The CFTC recently appointed Ted Kaouk as its first-ever chief AI officer, highlighting the agency's commitment to implementing AI and data strategies. Additionally, integrating enterprise blockchain systems with AI is proposed for data safety and immutability.
Kristin Johnson's proposals aim at deterring and penalizing offenders who leverage AI to commit financial crimes. This aligns with the Justice Department's approach, seeking stiffer sentences for AI-related criminals, likening AI to firearms in terms of enhancing danger and the need for stiffer penalties.
Johnson's second proposal is to create an interagency task force to address AI challenges, involving collaboration with other regulatory bodies such as the SEC, Federal Reserve, and others. This aligns with President Biden's executive order that called on all regulators to work together to address AI risks.
Ted Kaouk's appointment as the CFTC's first chief AI officer reflects the agency's focus on integrating AI and data strategies, essential for addressing the growing challenges in the financial sector.
The integration of enterprise blockchain systems with AI is proposed to ensure data quality, ownership, and immutability, shaping the future of AI technology and its applications within the financial industry.
For more information on how enterprise blockchain will support AI development, check out CoinGeek's coverage on this emerging technology or watch the AI Forge masterclass: "Why AI & blockchain are powerhouses of technology" on YouTube.
If you're new to blockchain technology, explore CoinGeek’s Blockchain for Beginners section, the ultimate resource guide to learn more about blockchain and its applications.
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