SEC Chair Gary Gensler on AI & Crypto Risks 02/14/24

Squawk Pod

CNBC

Business News, News, Investing, Business

4.2 • 543 Ratings

🗓️ 14 February 2024

⏱️ 37 minutes

🔗️ Recording | iTunes | RSS

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Summary

A month after approving spot Bitcoin ETFs, SEC Chair Gary Gensler shares his perspective on cryptocurrency. In an extended conversation with Joe Kernen, Becky Quick, and Andrew Ross Sorkin, he discusses market risks for investors, the responsibilities of investment advisors employing AI, and much more. Hot CPI data on Tuesday sparked a market sell-off and suggested that America’s inflation woes are far from over. Plus, an error in Lyft’s earnings report sent the stock into a Lyft-off, and the Democrats flipped a House seat in a special election on Long Island. Gary Gensler - 14:32 In this episode: Gary Gensler, @GaryGensler Joe Kernen, @JoeSquawk Becky Quick, @BeckyQuick Andrew Ross Sorkin, @andrewrsorkin Katie Kramer, @Kramer_Katie

Transcript

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0:00.0	Bring in show music please.
0:03.0	Hi, I'm C. NBC producer Katie Kramer, today on Squawk Pod.
0:08.0	Gary Gensler SEC Chair standing firm on crypto a month after he approved spot
0:14.4	Bitcoin EDFs. This is a field that's been rife with fraud and
0:18.9	manipulation and look at all the bankruptcies. What he sees as the public good that's come from that
0:24.0	approval. Fees came down dramatically. There was a bit of a investors
0:29.0	benefited because there was a bit of a competition there. Investors also benefited from better disclosure.
0:35.5	And the regulators warning about using AI to trade.
0:39.6	You don't blame a dumb hammer if you're using that to defraud somebody. Plus. a one market moving mistake a typo in lifts earning release and a 60% stock pop
0:55.8	People would know immediately that that's wrong people would the emphasis on people it's the box
1:01.6	It's Wednesday February February 14th.
1:04.0	Happy Valentine's Day.
1:05.7	Squawk Pod begins right now.
1:08.0	Stand Becky by in three, two, one,
1:10.8	queue please. Good morning everybody and welcome to Squackbox right here on C.
1:16.7	We are live from the NASDAQ market site in Times Square.
1:19.9	I'm Becky Quick along with Joe Kernan and Andrew Ross Sorkin and here we go.
1:25.0	It's a Wednesday, Hump Day.
1:26.8	We're looking at the US Equity Future.
1:30.8	First up today on the podcast, well, we're not out of the woods yet when it comes to
1:35.4	inflation. The Consumer Price Index increased 0.3% in January.
1:40.4	CPI measures a basket of consumer goods and services like food, energy, even
	...

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