Gary Gensler: A look into the Former CFTC Chain turned Crypto-Block Educator
Prior to his educational efforts at MIT as part of its Digital Currency Initiative, Gary Gensler served as the chairman of the CFTC for five years, starting in 2009 directly after the international financial crises. As of now, he continues holding seminars and lectures at MIT to contribute his expertise and educate attending students on the revolutionary tech behind blockchain and digital currencies.
Following the worldwide crisis in 2008, Gary Gensler proved to be an irreplaceable asset in restoring some of the global industry. As the chairman of the CFTC, he introduced order to an unregulated market that was a key factor in the global crisis. Following his success at the CFTC, the new supervisions took place prior to the other regulators aiding with rebuilding the global economy.
Gary then joined presidential candidate Hillary Clinton in 2016 after his work at the CFTC, joining her campaign as the new chairman of finance. Currently, he teaches students at MIT, educating them on crypto-block technology. Speaking to The Wall Street Journal, he stated that his attitude towards blockchain technology is that of a bull, although his time the CFTC has provided him with a broader aspect in terms of rapidly developing fintech. While Gensler has no official ties to politics within the United States, he will be providing his opinions and expertise in regulating cryptocurrency protocols.
During his speech at MIT’s blockchain conference earlier this year, he stated that official authorities must apply the proper regulations to leading digital currencies and emerging initial coin offerings tokens.
According to Gensler, the US Securities and Exchange Commission and official regulators were required to provide more transparency as several digital currencies did not comply with the law and continue to operate within the US. He also spoke of Ripple during a debate, addressing its centralized blockchain and calling it a non-security.
On the 19th of July, Gensler stood before the Congress and talked about crypto-block tech, providing several reasons as to why blockchain-tech can revolutionize the financial industry. As he explained, the smaller risks and cheaper costs of blockchains may possibly provide balance and severely hinder criminal activity associated with the technology and more but only if the proper regulations are placed.
As it stands, both the CFTC and the SEC are heavily involved in initial coin offerings and their infectious illegal activities. ICO’s and scams have long been tied together, costing hundreds of millions to fall into the wrong hands. In light of regulatory efforts, he believes the CFTC is better equipped to handle the situation and enforce positivity on the digital currency market through regulations.