Single Best Idea with Tom Keene: Gary Gensler
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Bloomberg Audio Studios. Podcasts. Radio. News. Single best idea. Gary Gensler.

Really something on Wall Street. Just terrific, terrific career, mostly at Goldman Sachs, coming out of the University of Pennsylvania. And then he decided to do public service. It's culminating as chairman of the Securities Exchange Commission. He's now at the Massachusetts Institute of Technology, working with the recent Nobel laureate, Simon Johnson. They have a new effort out that I'll get out on LinkedIn and Twitter here as I can. But Gary Gensler...

Talking about the abrupt shift to the Trump SEC from the Biden SEC, Gary Gensler on the modern technologies, the shadows out there. We talked about private credit and valuation there. But far more, Gary Gensler on stablecoin. Stablecoins, Tether was...

invented early on, about 10, 11 years ago, to be the equivalent of the poker chip at the casino. You could use it to move crypto versus crypto because these large exchanges couldn't get bank accounts.

and so instead you could sidestep any money laundering and sanctions at a quarter of a trillion dollars it's starting to be somewhat meaningful and here's the cool question the interesting economic question who gets the interest payments who gets the float the three and a half or four percent on on you know for every billion dollars that's 35 or 40 million dollars of

interest and who gets that interest. I'd rather have a money market fund where I get the interest, the investor. Gary Gensler, diplomatic there, I would say about stablecoin. I really want to emphasize this is a heated battle right now. All the other distractions that we have, the Bank of International Settlements, I think has done absolutely brilliant work

I'll cite the leadership of Rafael Auer, A-U-E-R, at BIS in Geneva. Just in the last number of days, they have put out a blistering research paper on stablecoin. And as with Ken Rogoff, my book of the summer, Our Dollar, Your Problem, three chapters from Kenneth Rogoff of Harvard on stablecoin.

And this all circles back to avoiding the regular system that we all live in for criminal activity. And it'll be fascinating to see how that works out. We continue with Mr. Gensler on, well, the thing we're all living with. I used AI to get ready for this interview. Gary Gensler on artificial intelligence.

I would say this. One, it's been around at least 10 years, even longer. So it's not just new with OpenAI and ChatGPT. Two, it's the most transformative technology of the time.

And I find myself thinking I'm more of the optimist. I think there'll be a lot of new productivity that comes from this, but also a lot of changes in the job market. Bloomberg will be different. Bloomberg Radio, maybe not so different. All right, Lisa. But I think it will be very different. And so...

I think the U.S. versus China is an interesting thing. The big hyperscalers, the big, you know, ChapGPT and Gemini and so forth. Those companies are competing with China and China's got, well, they have DeepSeek, but they have something else. They have 1.4 billion people. So they have data advantages over, we're big, but we're only 340 million people. Gary Gensler will try to get that entire interview out on some form of Bloomberg interview.

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