CFTC Commissioner Kristin N. Johnson defended the CFTC's "efforts to advance inquiries regarding the integration of AI in our markets and to explore the need to introduce guardrails to mitigate the risks that AI technologies may present."
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In a new Report, a CFTC Technology Advisory Subcommittee described the "promising opportunities and complex, significant risks to the U.S. financial system, consumers, and national security" associated with decentralized finance and generative artificial intelligence.
The OCC Acting Deputy for the Office of Financial Technology Donna Murphy testified on the agency's "analysis and evaluation of financial technology innovations, trends, emerging risks, and implications for OCC’s supervised banks."
In testimony before the House Financial Services Committee, Federal Reserve Board Director, Division of Supervision and Regulation Michael S. Gibson described the FRB's approach to the supervision and regulation of innovation.
CFTC Commissioner Christy Goldsmith Romero warned regulators of the danger of regulatory complacency and not to rollback critical Dodd-Frank post-crisis reforms. She highlighted the need for vigilant management of emerging risks in the cryptocurrency industry and as to the deployment of artificial intelligence in financial services.