In a recent interview with the Wall Street Journal, the former Chairman of the United States Commodity Futures Trading Commission [CFTC], Gary Gensler acknowledged his studies and growing interest in Bitcoin [BTC] currency and blockchain technology.
Soon after having to deal with an entire decade of the financial crisis that had crept into the United States economy effectively impacting almost all major banks on Wall Street, Gensler was subjected to the rising popularity of the disruptive technology that was blockchain.
After leaving the CFTC, Gensler served as Finance Chairman to Hillary Clinton during her 2016 presidential election. The Wall Street regulator has been vocal about his interest in blockchain several times and if his latest interview with WSJ is anything to go by, his views on the technology have only improved.
To propound on his views, Mr. Gensler is now a part of the Massachusetts Institute of Technology [MIT]’s Digital Currency Initiative where he lectures university students on blockchain technology and cryptocurrencies.
Although his views on the current state of blockchain technology and cryptocurrencies are bullish in nature, he is mindful of the risks involved. He detailed the risks in terms of the pace of its growth, as evidenced by his previous experience in the CFTC.
In one of his lectures at MIT Technology Review in April 2018 Gensler is quoted to have said:
“The SEC and regulators need to bring clarity. Many cryptocurrencies are operating outside of U.S. laws.”
Gensler is of the opinion that the United States Securities and Exchange Commission [SEC] and the CFTC can work hand-in-hand in regulating and detecting blockchain-related fraud cases. This step is crucial at this point because of the fact that blockchain diminishes costs and risks at significant levels and provides compelling stability and various levels if regulated responsibly.
In the interview, Gensler mentioned:
“In the late ’90s, I was part of the broad consensus saying certain things, like derivatives markets, wouldn’t undermine financial stability. But guess what, it did. Eventually, we addressed that as a nation and brought it into the public policy envelope.”
Gensler has taken it upon himself to regulate crisis moments such as dealing with and clearing up the 2008 global financial crisis fiasco. The consequent limelight that blockchain, Bitcoin, and other cryptocurrencies brought upon itself seems to be the only thing he has any interest in spearheading at this point in time. This is evident from what he stated towards the end of his interview:
“I don’t think I’ll ever get to do something as meaningful as coming in after a crisis and helping to clean it up.”
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