Gary Gensler, the current U.S. Securities and Exchange Commission (SEC) Chair, has been a controversial figure in the crypto community this year. I initially had a positive view of Gensler, but my opinion has changed since then. To gain a better understanding of his views, I decided to revisit the Massachusetts Institute of Technology’s (MIT) Blockchain and Money course, which Gensler taught in 2019.
In the course, Gensler stated that blockchain technology has real potential to transform the world of finance and that he was an optimist who wanted to see the technology succeed. However, his recent comments have been less definitive, such as his statement that we don’t need more digital currency.
The course also discussed the need to guard against illicit activities and to ensure financial stability and investor protection. Gensler’s past statements seem consistent with his present actions, such as the SEC’s enforcement actions against Coinbase and Binance.
The most disheartening takeaway from the course was that public policy development is more about messaging and coalition building than analysis. This mismatch between crypto purists and public policy makers has been a source of contention.
Overall, I found the course to be informative and I would recommend it to anyone interested in cryptocurrencies.
Quotes:
Blockchain technology has real potential to transform the world of finance – Gary Gensler
We don’t need more digital currency – Gary Gensler