Well, well, well, if it isn’t Gary Gensler, back at MIT like a boomerang that just won’t quit! 🎉 The former chair of the SEC has returned to the hallowed halls of academia to sprinkle his wisdom on the unsuspecting students about AI in finance, financial tech, and regulatory policy. Because who wouldn’t want to learn about the thrilling world of regulations? 😴
According to the official announcement (which I’m sure was as exciting as watching paint dry), Gensler will also be co-directing the university’s FinTech AI @CSAIL initiative. Yes, that’s right, a fancy program where MIT and private sector corporations will explore AI technology. Because nothing says “fun” like corporate collaboration! 🤓
Now, let’s rewind to 2018-2021 when Gensler was teaching at MIT before being whisked away by the Biden administration to lead the SEC. Ah, the good old days when he was just a professor and not the crypto community’s public enemy number one. 🦸♂️
Gensler’s previous stint at MIT draws hypocrisy calls
During his previous tenure, Gensler taught a course called “Blockchain and Money.” Yes, you heard that right! He made several pro-crypto remarks, including the shocking revelation that most cryptocurrencies are not securities. I mean, who knew? 🙄
In a lecture titled “Secondary Markets and Crypto Exchanges,” Gensler told his students:
“We already know in the US and many other jurisdictions that three-quarters of the market are not ICOs, are not what would be called securities, even in the US, Canada and Taiwan — the three jurisdictions that follow something similar to the Howie test.”
“For three-quarters in the market, it’s not particularly relevant as a legal matter, as a regulatory matter,” he continued, probably while sipping a latte and contemplating the meaning of life. ☕️
He even praised Algorand as “great technology” during the course, citing its ability to host complex smart contract operations. Because who doesn’t love a good smart contract? It’s like a regular contract, but with more math! 📊
But wait, there’s more! Under Gensler’s watchful eye, the SEC labeled Algorand’s native asset, ALGO, as an unregistered security in several cases against third parties, including its lawsuit against Binance. Talk about a plot twist! 📉
The crypto industry threw a party when Gensler left, thinking it was a sign that the regulatory climate in the US would finally improve. They even submitted a wave of crypto ETF filings, including applications for memecoin investment funds. Because nothing says “serious investment” like a meme! 🎈
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2025-01-29 22:33