CFTC Commissioner Kristin Johnson calls for stiffer penalties for fintech crimes committed with artificial intelligence and the formation of an AI Task Force.
United States Commodity Futures Trading Commission Commissioner Kristin Johnson recently advanced three proposals for the regulation of artificial intelligence technologies as they apply to U.S. 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. Johnson cited a previous speech given by U.S. Deputy Attorney General Lisa Monaco, who’d said that “guns enhance danger, so when they’re used to commit crimes, sentences are more severe. Like a firearm, AI can also enhance the danger of a crime.”
Per Johnson, the advent of AI technologies and their potential for misuse should be treated in a similar manner: “To address these concerns, the Commission should introduce heightened penalties for those who intentionally use AI technologies to engage in fraud, market manipulation, or the evasion of our regulations. Bad actors who would use AI to violate our rules must be put on notice and sufficiently deterred from using AI as a weapon to engage in fraud, market manipulation, or to otherwise disrupt the operations or integrity of our markets.”of its first Chief AI Officer, Ted Kaouk.
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