K
Kathleen Martin
Guest
Washington has historically been in short supply of lawmakers and enforcers who actually understand the technology they're seeking to regulate.
Gary Gensler is among those changing that.
He's the new chairman of the US Securities and Exchange Commission, an agency that might also be responsible for creating rules in the volatile and wildly popular crypto space.
But before joining in April, he taught blockchain technology at MIT — he can quote Satoshi Nakamoto, the mysterious Bitcoin creator, from memory, Bloomberg reported.
So he's not against the burgeoning $1.6 trillion crypto world, but he's also called it the "Wild West." The once-niche decentralized currency has plunged into the mainstream in recent years, worrying regulators like Gensler who want to throw up guard rails to protect customers from fraud, scams, and market manipulation — a reality that some crypto fanatics aren't too keen on.
MIT professor, former CFTC chair, and ex-Goldman Sachs partner
Gensler, 63, has a background in blockchain technology and financial policy, has years of government service under his belt, and spent 18 years at Goldman Sachs, where he became a partner in the Mergers and Acquisitions department.
In 2002, Gensler — a progressive — helped create the Sarbanes-Oxley Act, which became a defining piece of legislation to protect investors from corporate fraud following high-profile scandals like those involving Enron.
President Obama appointed him to chair the Commodity Futures Trading Commission (CFTC) in 2009, and he served until 2014.
Then, Gensler, a graduate of The Wharton School at the University of Pennsylvania, started teaching at MIT in 2018, including a course called Blockchain and Money — meaning he's interested in cryptocurrencies but has said that doesn't mean he's against protecting investors.
What does Gensler want to do?
For one, he asked Congress to pass a law allowing the SEC to monitor all crypto exchanges, and he's open to possibly green-lighting a Bitcoin-focused ETF.
Gensler told Bloomberg this month that digital currencies could be a boon for economic progress, but only if they have robust regulation. He likened it to the auto industry going mainstream when traffic lights and speed limits were introduced.
The SEC is currently eyeing how to rein in multiple areas of the crypto space, including stablecoins, lending platforms, and decentralized finance, or DeFi, he told the outlet.
Continue reading: https://www.businessinsider.com/gary-gensler-sec-chair-crypto-cop-blockchain-regulation-2021-8
Gary Gensler is among those changing that.
He's the new chairman of the US Securities and Exchange Commission, an agency that might also be responsible for creating rules in the volatile and wildly popular crypto space.
But before joining in April, he taught blockchain technology at MIT — he can quote Satoshi Nakamoto, the mysterious Bitcoin creator, from memory, Bloomberg reported.
So he's not against the burgeoning $1.6 trillion crypto world, but he's also called it the "Wild West." The once-niche decentralized currency has plunged into the mainstream in recent years, worrying regulators like Gensler who want to throw up guard rails to protect customers from fraud, scams, and market manipulation — a reality that some crypto fanatics aren't too keen on.
MIT professor, former CFTC chair, and ex-Goldman Sachs partner
Gensler, 63, has a background in blockchain technology and financial policy, has years of government service under his belt, and spent 18 years at Goldman Sachs, where he became a partner in the Mergers and Acquisitions department.
In 2002, Gensler — a progressive — helped create the Sarbanes-Oxley Act, which became a defining piece of legislation to protect investors from corporate fraud following high-profile scandals like those involving Enron.
President Obama appointed him to chair the Commodity Futures Trading Commission (CFTC) in 2009, and he served until 2014.
Then, Gensler, a graduate of The Wharton School at the University of Pennsylvania, started teaching at MIT in 2018, including a course called Blockchain and Money — meaning he's interested in cryptocurrencies but has said that doesn't mean he's against protecting investors.
What does Gensler want to do?
For one, he asked Congress to pass a law allowing the SEC to monitor all crypto exchanges, and he's open to possibly green-lighting a Bitcoin-focused ETF.
Gensler told Bloomberg this month that digital currencies could be a boon for economic progress, but only if they have robust regulation. He likened it to the auto industry going mainstream when traffic lights and speed limits were introduced.
The SEC is currently eyeing how to rein in multiple areas of the crypto space, including stablecoins, lending platforms, and decentralized finance, or DeFi, he told the outlet.
Continue reading: https://www.businessinsider.com/gary-gensler-sec-chair-crypto-cop-blockchain-regulation-2021-8
