Crypto news

A group of Democrats from the U.S. House of Representatives has sent an official letter to SEC Chairman Paul Atkins. The focus is on the rapid growth of AI agents that execute trades on behalf of retail investors in financial and cryptocurrency markets. Lawmakers are raising the alarm: in their view, the current legal framework does not cover the activities of these services, creating systemic risks.

The letter was authored by Congressmen Bill Foster and Brad Sherman. They emphasize that AI firms and brokers using algorithms to make investment decisions are effectively operating in a "gray zone." AI developers bear no responsibility for predictions, while users are left to face losses alone. The politicians state: "AI should not become a smokescreen for conflicts of interest or market manipulation."

The cause for concern was the launch of a virtual assistant on the Coinbase platform in early June. This service provides trading recommendations but, as the congressmen note, disclaims liability for the accuracy of its algorithms. The letter demands that the SEC provide answers by July 31 on three key issues:

• what protective mechanisms already exist for AI agents;
• in which cases such bots are required to undergo mandatory registration;
• whether the SEC has sufficient authority for independent oversight or whether Congressional intervention is necessary.

This move is not an isolated one. Earlier, in June, Anthropic CEO Dario Amodei called for stricter oversight of AI models, pointing to their growing influence on financial flows.

My expert analysis: This request is just the tip of the iceberg. The market for cryptocurrencies and traditional assets is increasingly dependent on algorithms, and if the SEC does not introduce clear rules, we risk a wave of lawsuits and manipulations that will undermine trust in digital assets. The question is not whether AI trading needs to be regulated, but how quickly regulators can adapt to this new reality.