Fighting FAIRR: Inside the bill aiming to keep AI and algos honest
The Financial Artificial Intelligence Risk Reduction Act seeks to fix a market abuse loophole by declaring that AI algorithms do not have brains.
Regulators face a dilemma when approaching new technologies in financial services: How can this be suitably regulated so nobody gets ripped off, but also not so over-regulated that innovation is smothered in its cradle? It requires a delicate balancing act, especially when emerging technologies like generative AI take hold so quickly, are easily misunderstood, and present both great opportunities and new threats.
Last year was generative AI’s breakout year, with almost everyone across the
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