Gary Gensler

Gary Gensler is an American academic, financial regulator, and public servant.

Personal Stats

Education

Gensler earned his undergraduate degree in economics in 1978 and his MBA in 1979, both from the Wharton School of the University of Pennsylvania.

Career

Gensler started his career at Goldman Sachs, where he worked for 18 years and became a partner in the Mergers & Acquisitions department. He left Goldman Sachs in 1997 and subsequently served in the U.S. Department of the Treasury during the Clinton administration. He was Under Secretary of the Treasury for Domestic Finance from 1999 to 2001 and Assistant Secretary of the Treasury for Financial Markets from 1997 to 1999.

In 2009, Gensler was nominated by President Barack Obama to chair the Commodity Futures Trading Commission (CFTC), a position he held until 2014. During his tenure, he implemented new transparency measures and oversight for the derivatives market.

After leaving the CFTC, Gensler joined the Massachusetts Institute of Technology (MIT), where he became a professor of the Practice of Global Economics and Management. He also served as an advisor to the MIT Media Lab's Digital Currency Initiative.

In 2020, Gensler was selected to lead the financial policy transition team for President-elect Joe Biden. Following Biden's inauguration, 

Gary Gensler is currently serving as the Chairman of the U.S. Securities and Exchange Commission (SEC). He was sworn into office on April 17, 2021.

In his role at the SEC, Gensler has been particularly focused on the regulation of the cryptocurrency market. He has emphasized that the core principles of investor protection apply to all corners of the securities markets, including securities and intermediaries in the crypto market. He has stated that "nothing about the crypto markets is incompatible with the securities laws" and that "investor protection is just as relevant, regardless of underlying technologies."

Gensler has noted that the crypto market is highly concentrated, with the bulk of trading taking place on only a handful of platforms. He has expressed concern that many of the tokens trading on these platforms may meet the definition of "securities," and thus, he has asked the SEC staff to work on projects related to the registration and regulation of these platforms, much like traditional exchanges.

He has also expressed interest in the regulation of stablecoins and other crypto tokens. Gensler believes that regulation both protects investors and promotes investor confidence and that this oversight should not change just because the issuance and trading of certain securities is based on new technology.

For several years, the SEC and other regulatory bodies have been striving to curb unlawful activities in the cryptocurrency sector. Their efforts have intensified following the downfall of the FTX crypto exchange in November 2022. Prominent crypto companies like Coinbase, Kraken, Gemini, and Ripple Labs have come under the regulator's radar.

The SEC has not only targeted crypto exchanges and platforms but has also taken action against various celebrities who have been involved in the unauthorized promotion of cryptocurrency assets. 

Recently, the internet was abuzz with rumors about the supposed resignation of Gary Gensler, causing a stir in a crypto community. However, these stories were eventually flagged as false, much to the disappointment of the cryptocurrency community. Over the weekend, news of Gensler's alleged resignation was reported by minor crypto news outlets. However, these claims were promptly dismissed by the SEC's public relations team. According to the statement, this fake news was generated by artificial intelligence (AI).

Personal Life

Gary Gensler was born on October 18, 1957, into a Jewish family in Baltimore, Maryland. He was one of five children born to Jane (née Tilles) and Sam Gensler. His father, Sam, was a vendor of cigarettes and pinball machines to local bars, which gave Gensler his initial exposure to the practical aspects of finance as he accompanied his father to collect nickels from vending machines in Baltimore bars.

In 1975, Gensler graduated from Pikesville High School, where he was later honored with a Distinguished Alumnus award. He resides in Baltimore with his three daughters, Anna, Lee, and Isabel. Gensler was married to Francesca Danieli, a filmmaker and photo collagist, from 1986 until her passing from breast cancer in 2006.

Gensler is an avid runner, having completed nine marathons and a 50-mile ultramarathon. He also enjoys mountain climbing and has successfully reached the summits of Mt. Rainier and Mt. Kilimanjaro.

Social Media

Twitter - https://twitter.com/GaryGensler