SEC chair Gary Gensler will highlight efforts to update rules regulation the cryptocurrency sector as well as predictive data analytics and AI
that reiterated the applicability of existing SEC rules to platforms that trade cryptocurrencies, including Decentralized Finance protocols. Included in the release were further guidelines for systems that would fall under a new, proposed exchange definition.
“While our current investment adviser custody rule already applies to crypto funds and securities, our proposal updating it would cover all crypto assets and enhance the protections that qualified custodians provide.” According to the SEC chair, predictive data analytics and artificial intelligence have brought about a “transformational age” driving efficiencies across the economy. The potential of the technology stands to increase financial inclusion and user experience, but also poses risks of exploitation.
“This also raises the possibilities that conflicts may arise to the extent, for example, that advisers or broker-dealers are optimizing to place their interests ahead of their investors’ interests.” Gensler’s address also notes an SEC proposal in July 2023 that would require firms to analyze conflicts of interest arising from the use of predictive data analytics to interact with investors. These potential conflicts would need to be eliminated or neutralized by the firms concerned.with Coinbase and Binance.US, two U.S.-based cryptocurrency exchanges that the regulator has charged with a litany of alleged securities laws violations.
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