The Securities and Exchange Commission voted Wednesday to propose new limits on how online brokerages such as Robinhood harness AI to nudge customers to trade.
“Artificial intelligence has complexity. But you have a basic, high-level strategic question: Are you optimizing just for investors, or are you optimizing also for the robo-advisor brokerage app?” SEC Chair Gary Gensler said. “That’s a straight-up conflict.” “The SEC’s proposal would turn back the clock, bringing U.S. financial markets to the old, manual days when retail investors were forced to interact with their broker or adviser by phone or at a branch office,” he said. “This isn’t in anybody’s best interest, least of all the new generation of retail investors.”calling
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