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Speaker 1: Bloomberg Audio Studios, podcasts, radio news, single best idea. Gary

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Speaker 1: Gensler really something on Wall Street. Just terrific, terrific career,

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Speaker 1: mostly Goldbyn Sachs, coming out of the University of Pennsylvania,

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Speaker 1: and then he decided to do public service. It's culminating

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Speaker 1: as Chairman of Securities Exchange Commission. He's now at the

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Speaker 1: Massachusetts Institute of Technology, working with the recent Nobel laureate

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Speaker 1: Simon Johnson. They have a new effort out that I'll

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Speaker 1: get out on LinkedIn and Twitter here as I can.

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Speaker 1: But Gary Goensler talking about the abrupt shift to the

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Speaker 1: Trump SEC from the Biden SEC. Gary Goensler on the

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Speaker 1: modern technologies, the shadows out there. We talked about private

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Speaker 1: credit and valuation there, but far more. Gary Gensler on

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Speaker 1: stable coin.

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Speaker 2: Stable coins. Tether was invented early on about ten eleven

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Speaker 2: years ago to be the equivalent of the poker chip

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Speaker 2: at the casino. You could use it to move crypto

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Speaker 2: versus crypto because these large exchanges couldn't get bank accounts,

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Speaker 2: and so instead you could sidestep any money lawn during

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Speaker 2: in sanctions. At a quarter of a trillion dollars, it's

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Speaker 2: starting to be somewhat meaningful. And here's the cool question,

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Speaker 2: the interesting economic question. Who gets the interest payments, Who

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Speaker 2: gets the float the three and a half or four

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Speaker 2: percent on on you know, for every billion dollars, that's

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Speaker 2: thirty five or forty million dollars of interest, and who

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Speaker 2: gets that interest. I'd rather have a money market fund

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Speaker 2: where I get the interest the investor.

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Speaker 1: Gary Gonsler diplomatic there I would say about stable coin.

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Speaker 1: I really want to emphasize this is heated battle right now.

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Speaker 1: All the other distractions that we have. The Bank of

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Speaker 1: International Settlements I think has done absolutely brilliant work. I'll

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Speaker 1: cite the leadership of Raphael our au Er and BIS

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Speaker 1: and Geneva. Just in the last number of days they

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Speaker 1: have put out a blistering research paper on stable coin.

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Speaker 1: And as with ken Rogoff, my book of the Summer

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Speaker 1: Our Dollar Year Problem, three chapters from Kenneth Rogoff of

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Speaker 1: Harvard on stable coin, and this all circles back to

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Speaker 1: avoiding the regular system that we all live in for

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Speaker 1: criminal activity, and it'll be fascinating to see how that

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Speaker 1: works out. We continue with mister Gensler on well, the

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Speaker 1: thing we're all living with I used AI to get

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Speaker 1: ready for this interview. Gary Gensler on artificial intelligence.

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Speaker 2: I would say this, it's one, it's been around at

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Speaker 2: least ten years, even longer, so it's not just new

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Speaker 2: with open AI and chat ch two. It's the most

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Speaker 2: transformative technology of the time. And I find myself thinking

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Speaker 2: I'm more of the optimist. I think there'll be a

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Speaker 2: lot of new productivity that comes from this, but also

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Speaker 2: a lot of changes in the job market. Bloomberg will

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Speaker 2: be different, Bloomberg Radio maybe not so different all right

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Speaker 2: at least, but I think it will be very different.

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Speaker 2: And so I think the US versus China is an

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Speaker 2: interesting thing. The big hyperscalers, the big you know, Chap,

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Speaker 2: GBT and Gemini and so forth. Those companies are competing

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Speaker 2: with China, and China's got well they have deep seek,

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Speaker 2: but they have something else. They have one point four

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Speaker 2: billion people, so they have data advantages over We're big,

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Speaker 2: but we're only three hundred and forty million people.

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Speaker 1: Gary Gonsler. We'll try to get that entire interview out

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Speaker 1: on some form of Bloomberg digital platform. If you're in

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Speaker 1: the heat wave, please stay cool out there. It can

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Speaker 1: be dangerous we're on our podcast of course on YouTube podcasts.

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Speaker 1: This is single best I get