As CFTC chair, Gensler oversaw substantial reforms to the financial derivatives market mandated under the 2010 Dodd-Frank act. But more relevant to cryptocurrency users is his most recent posting at MIT, where he is a professor of global economics at the business school and senior advisor to the MIT Media Lab’s influential Digital Currency Initiative.
While at MIT, Gensler has become known in crypto circles for his savviness about cryptocurrencies and blockchains and his opinions on the regulatory status of certain currencies, including XRP and Ether, which he once suggested both might be securities.
Ethereum had a breakout year in 2021. It’s native asset, ETH’s, market capitalization surpassed $500 billion for the first time. Its network facilitated upwards of $7 trillion value transfer. Non-fungible tokens (NFTs) emerged as another “killer application” that have put its technology on the global stage and caught the attention of the masses.