CFTC Commissioner wants to create AI Fraud Task Force
Commissioner Kristin Johnson’s remarks came just a day after the CFTC appointed its first chief AI officer.
United States Commodity Futures Trading Commission (CFTC) Commissioner Kristin Johnson recently advanced three proposals for the regulation of artificial intelligence (AI) technologies as they apply to U.S. financial markets.
Speaking at the Technology Advisory Committee (TAC) meeting held on May 2, Johnson laid out the CFTC’s three-pronged agenda consisting of the establishment of a “principles-based framework” to assess the risks associated with integrating AI into financial markets, heightened penalties the intentional misuse of AI, and the creation of a task force to “evaluate, assess, and harmonize guidance, supervision, and regulation that addresses the increasing integration of AI in financial markets.”
While government calls for the creation of investigatory task forces and common-sense risk assessment platforms are nothing new, Johnson’s assertion that crimes committed with the use of AI should be given “heightened penalties” would pose significant changes to the existing legal framework.
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Author: Tristan Greene
