North American Securities Administrators Association

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1. Oct 22
   SEC Quietly Eases AI-Washing Scrutiny as Focus Shifts to AI Fraud

   TechNews reports that the U.S. Securities and Exchange Commission has become notably low-key about "AI washing" — companies overstating their AI businesses — after earlier warnings from then-enforcement chief Gurbir Grewal in March 2024 and then-chair Gary Gensler, who criticized investment advisers that claimed to use AI models without actually doing so. The report says the agency's focus has shifted toward AI used as a fraud tool: in February 2025 the SEC created a roughly 30-person Cyber and Emerging Technologies Unit that lists combating fraud involving AI and machine learning as the first of seven priorities. For fiscal 2026, the report adds, SEC examiners are asked to check whether companies' AI statements and disclosures accurately reflect their operations and controls, while SEC, NASAA and FINRA warned jointly in January 2024 that exaggerated AI product claims can signal pump-and-dump schemes, especially in microcap stocks.

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