Former Wall Street Regulator Eyes Blockchain Curriculum
As reported by The New York Times on April 22nd, Gary Gensler – former finance chief for Hillary Clinton’s 2016 presidential campaign, top financial regulator during the Obama administration and partner at Goldman Sachs – is headed into the blockchain ecosystem.
Gensler, 60, has gone on to work at the Massachusetts Institute of Technology. At MIT, Gensler will teach curriculum covering the impact of blockchain on the financial world.
Gensler will use his position to voice concerns regarding virtual currencies and their interconnected startups. On Monday April 23rd, Gensler is set to make the assertion that Ether and Ripple – two of the three largest virtual currencies by market cap – may have been issued and traded in violation of American securities regulation.
In an interview, Gensler stated that “there is a strong case for both of them — but particularly Ripple — that they are noncompliant securities.” Notably, Gensler believes that Bitcoin – the first and largest virtual currency – may remain expect from said securities regulation.
“2018 is going to be a very interesting time,” Mr. Gensler said in an interview. “Over 1,000 previously issued initial coin offerings, and over 100 exchanges that offer I.C.O.s, are going to need to sort out how to come into compliance with U.S. securities law.”
Gensler led the Commodity Futures Trading Commission (CFTC) from 2009 to 2014. The CTFC, in pair with the Securities and Exchange Commission (SEC), are actively determining how to properly categorize and regulate virtual currencies.