Gary Gensler, former chair of the Securities and Exchange Commission, has returned to the Massachusetts Institute of Technology (MIT) as a professor to teach and research AI in finance, financial tech and regulatory policy.
According to an official announcement, the former SEC head will also be co-directing the university’s FinTech AI @CSAIL initiative, a collaborative program between MIT and private sector corporations to explore AI technology.
Gensler previously taught at MIT from 2018 to 2021 until being tapped by the Biden administration to lead the SEC.
As a financial regulator, he was at odds with the crypto community, claiming that most cryptocurrencies were unregistered securities and bringing a slew of enforcement actions against the crypto industry.
Gary Gensler recounts his leadership at the SEC before departing office on Jan. 20. Source: Gary Gensler SEC Archive
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Gensler’s previous stint at MIT draws hypocrisy calls
Gensler previously taught a course called “Blockchain and Money” at MIT, where he made several pro-crypto remarks, including that most cryptocurrencies are not securities.
During 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,” the MIT lecturer continued.
The professor also called Algorand great technology during the course, citing its ability to host complex smart contract operations.
Gary Gensler lectures at MIT in 2018. Source: MIT Open Courseware
Under Gensler’s leadership, the agency labeled Algorand’s native asset, ALGO (ALGO), as an unregistered security in several cases against third parties, including its lawsuit against Binance.
The crypto industry celebrated the former SEC chairman’s departure as a signal that the regulatory climate in the US would improve and that a clear framework for digital assets would emerge.
In anticipation of the leadership change at the SEC, industry firms submitted a wave of crypto ETF filings, including applications for memecoin investment funds.
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