Obama’s toughest fighter Gary Gensler, ‘bullish on Bitcoin and blockchain’
In addition to this Gensler is now a part of the Massachusetts Institute of Technology [MIT] ’s new course on blockchain technology and cryptocurrencies.
He is bullish about the current cryptocurrency market trend od bitcoin and other major cryptocurrencies but is completely aware of the risks and unpredictability involved in this field.
In a review at MIT in May Gensler opinionated that more than 100 cryptocurrency exchanges and over 1,000 initial coin offerings are operating outside US laws. These laws are meant to save investors from frauds.
In an 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.”
He has taken initiative to take control over the crisis moments such as dealing with and clearing up the 2008 global financial crisis fiasco. He further stated, “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.”
Gensler once said in MIT review, “There are chances that blockchain technology can lower the costs, lower risks, and remove middlemen in the whole financial systems, but how to achieve this remains a question. More clarity and transparency is needed in the marketplace. Regulators around the globe are struggling to understand ICO’s and trying to identify whether they are conventional investments like stocks and bonds or something else that should not be the matter of security rules.”
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