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Hey crypto crew! Durgesh here, your go-to guy for all things crypto and a sprinkle of humor on top! Today, we’re diving into a hot topic: AI washing. 🤖
So, picture this: the U.S. Securities and Exchange Commission (SEC) is like the superhero of the financial world, keeping an eye out for sneaky moves. And guess what? They’ve got their laser focus set on something called “AI washing.” Yep, you heard it right — it’s when companies fib about using fancy AI stuff.
SEC Chair Gary Gensler, the head honcho, dropped a video bomb, warning everyone about investment advisors who might be pulling a fast one by claiming they’re using AI to boost returns for their clients. 📈 And those cheeky public companies? They might be exaggerating their AI tech just to jack up their stock prices! Sneaky, right?
Good ol’ Gensler ain’t having any of it. He’s like, “Hey, truth-tellers only, please!” And you better believe the SEC means business.
They even called out two companies who got caught with their hands in the cookie jar — Delphia and Global Predictions. Delphia, a robo advisor with a cool $187 million in assets, got a slap on the wrist for pretending to use machine learning for smart investment moves. Spoiler alert: they weren’t. And Global Predictions? They claimed to have AI-powered forecasts, but the SEC saw through that smoke and mirrors act. 🎩
These companies ended up forking over a cool $400,000 in fines. Ouch! But it’s a warning shot from the SEC, letting everyone know they won’t tolerate any AI washing shenanigans.
Now, let’s talk numbers. Did you know there are over 353,000 .ai domain names out there? But here’s the kicker — how many of those are actually using AI? It’s like trying to find a needle in a haystack!
And speaking of AI, where do we draw the line between regular ol’ tech and full-on “Samantha from Her” vibes? 🤔 It’s a head-scratcher, for sure.
But fear not, because the SEC is on the case, sniffing out those fibs and bringing the hammer down. Just ask Brian Sewell and his company — they got busted for claiming to have all sorts of fancy AI stuff when they really didn’t. Yikes!
So, what’s the moral of the story? AI might be the next big thing, but let’s keep it real, folks. And to all you fraudsters out there — the SEC sees you, and they’re not messing around! 🛑
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