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Crypto Potato 2025-01-30 04:36:26

Former SEC Chair Gary Gensler Returns to MIT to Focus on AI and Finance

Former SEC Chair Gary Gensler Returns to MIT to Focus on AI and Finance

After four years of steering crypto regulations and financial market oversight, former U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler is returning to the Massachusetts Institute of Technology (MIT). According to a January 27 statement from the research university, his focus will now shift to artificial intelligence (AI), fintech, finance, and public policy. Gensler’s New Role “I am honored to return to MIT, whose faculty, staff, and students have long been at the cutting edge of research and technology,” Gensler said following his appointment. He added that he looks forward to collaborating with scholars at the institution to drive innovation and create a better future through AI, finance, and tech. Before leading the SEC, Gensler worked at Goldman Sachs and later became a professor at MIT, where he studied the impact of AI on financial systems and published research on the risks it could pose to global finance. In his new role, the 67-year-old will co-direct the FinTech AI @CSAIL initiative alongside Professor Andrew W. Lo. This program connects companies with MIT researchers to explore AI’s role in the financial industry. Additionally, the academic will collaborate with Nobel laureate Simon Johnson to teach a course on economic topics billed as being “of great importance to the global economy.” While Gensler’s new position lacks the regulatory authority he held as the financial watchdog’s head, it is expected to be influential. MIT maintains strong partnerships with U.S. tech firms and policymakers, potentially allowing him to continue shaping discussions around finance, AI, and crypto regulations in an academic capacity. Criticism and Concern However, the ex-chair’s return to the institution has not been well received by all. Devin Walsh, executive director and co-founder of the Uniswap Foundation, condemned the decision, stating she was “incredibly embarrassed and disappointed” by the school’s rehiring of Gensler. She highlighted that her introduction to crypto happened through MIT’s Digital Currency Initiative (mitDCI), suggesting that any student of his would be wasting their time, tuition, and energy if they hoped to learn about and support new and innovative technologies. During his tenure at the SEC, Gensler shaped crypto policy through a regulation-by-enforcement approach. Under his leadership, the agency initiated over 125 enforcement actions against crypto firms, classifying many cryptocurrencies, save for Bitcoin and Ethereum , as securities and thus falling under the regulator’s purview. His actions received much criticism from the industry, with some saying that they stifled innovation and created regulatory uncertainty. However, one of the bright lights of his reign was the approval last year of spot exchange-traded funds (ETFs) tracking Bitcoin and Ethereum. The post Former SEC Chair Gary Gensler Returns to MIT to Focus on AI and Finance appeared first on CryptoPotato .

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