Gary Gensler, who served as the 11th chairman of the Commodity Futures Trading Commission under President Barack Obama from 2009 to January 3, 2014, and served as Co-head of finance at Goldman Sachs, is now playing a role as a tutor of MIT students.

Gensler has been instrumental in settling global crisis effect and fought for passage of the Commodity Futures Modernization Act, which exempted over-the-counter derivatives from regulation.

After delivering a role as CFO of Hillary Clinton’s election campaigning, he joined MIT for lecturing on the gamut of FinTech, i.e. blockchain and cryptocurrencies.

Gensler mentioned in his speech that, blockchain lowers costs and risks and can give stability and prevent illicit activities if regulated. But, the U.S Securities and Exchange Commission (SEC) and U.S CFTC have a role to play as the ICO market is ripe with scams and fraud and there are gaps in U.S law, especially when it comes to exchanges.

Gensler also claims that “this is the core to the plumbing of the FinTech world. To realize its potential, and attaining public assurance, blockchain technology should abide by the regulatory frameworks.

The laws don’t have to stay accurately the same across the globe, however, laws that have been established over many, many decades that customers and investors and to make sure that markets work efficiently, that's called market integrity. So, customer protection, investor protection, market integrity. And to really work I reckon blockchain technology needs to come within that public policy framework.”

Having said that, Gensler trusts that the U.S CFTC is better placed to regulate cryptocurrency markets.

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