The US Securities and Exchange Commission has announced the creation of an AI task force to "enhance innovation and efficiency" within the regulatory body.
Valerie Szczepanik, who has previously served as Director of the SEC’s Strategic Hub for Innovation and Financial Technology, has been appointed the SEC's chief AI officer, according to the regulator’s announcement in a press release. She will lead the task force.
“I thank Chairman Atkins for selecting me to lead this important initiative for the agency. The AI Task Force will aim to centralize and align efforts to advance AI-enabled transformation across the entire Commission. I look forward to accelerating work already underway in the SEC’s divisions and offices to build enterprise capacity for AI innovation and implement AI solutions that are trustworthy, effective, and mission enhancing,” Szczepanik said.
The new initiative is expected to implement AI technology for streamlining regulatory processes, fostering innovation, and improving data analysis capabilities.
“The AI Task Force will empower staff across the SEC with AI-enabled tools and systems to responsibly augment the staff’s capacity, accelerate innovation, and enhance efficiency and accuracy,” said SEC Chairman Paul S. Atkins. “By ingraining innovation into our culture SEC-wide, we will further our mission to protect investors, maintain fair, orderly, and efficient markets, and facilitate capital formation.”
The news comes just days after the SEC revealed plans to overhaul capital markets regulations to accommodate cryptocurrencies and blockchain-based trading.
Atkins called it a “generational opportunity” and said that he had requested SEC staff to work with firms looking to offer tokenized securities.
Earlier this year, the SEC formed a new unit to fight cyber-related crime in securities-related areas.
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