Speaker 1: Bloomberg Audio Studios, podcasts, radio news, single best idea. Gary
Speaker 1: Gensler really something on Wall Street. Just terrific, terrific career,
Speaker 1: mostly Goldbyn Sachs, coming out of the University of Pennsylvania,
Speaker 1: and then he decided to do public service. It's culminating
Speaker 1: as Chairman of Securities Exchange Commission. He's now at the
Speaker 1: Massachusetts Institute of Technology, working with the recent Nobel laureate
Speaker 1: Simon Johnson. They have a new effort out that I'll
Speaker 1: get out on LinkedIn and Twitter here as I can.
Speaker 1: But Gary Goensler talking about the abrupt shift to the
Speaker 1: Trump SEC from the Biden SEC. Gary Goensler on the
Speaker 1: modern technologies, the shadows out there. We talked about private
Speaker 1: credit and valuation there, but far more. Gary Gensler on
Speaker 1: stable coin.
Speaker 2: Stable coins. Tether was invented early on about ten eleven
Speaker 2: years ago to be the equivalent of the poker chip
Speaker 2: at the casino. You could use it to move crypto
Speaker 2: versus crypto because these large exchanges couldn't get bank accounts,
Speaker 2: and so instead you could sidestep any money lawn during
Speaker 2: in sanctions. At a quarter of a trillion dollars, it's
Speaker 2: starting to be somewhat meaningful. And here's the cool question,
Speaker 2: the interesting economic question. Who gets the interest payments, Who
Speaker 2: gets the float the three and a half or four
Speaker 2: percent on on you know, for every billion dollars, that's
Speaker 2: thirty five or forty million dollars of interest, and who
Speaker 2: gets that interest. I'd rather have a money market fund
Speaker 2: where I get the interest the investor.
Speaker 1: Gary Gonsler diplomatic there I would say about stable coin.
Speaker 1: I really want to emphasize this is heated battle right now.
Speaker 1: All the other distractions that we have. The Bank of
Speaker 1: International Settlements I think has done absolutely brilliant work. I'll
Speaker 1: cite the leadership of Raphael our au Er and BIS
Speaker 1: and Geneva. Just in the last number of days they
Speaker 1: have put out a blistering research paper on stable coin.
Speaker 1: And as with ken Rogoff, my book of the Summer
Speaker 1: Our Dollar Year Problem, three chapters from Kenneth Rogoff of
Speaker 1: Harvard on stable coin, and this all circles back to
Speaker 1: avoiding the regular system that we all live in for
Speaker 1: criminal activity, and it'll be fascinating to see how that
Speaker 1: works out. We continue with mister Gensler on well, the
Speaker 1: thing we're all living with I used AI to get
Speaker 1: ready for this interview. Gary Gensler on artificial intelligence.
Speaker 2: I would say this, it's one, it's been around at
Speaker 2: least ten years, even longer, so it's not just new
Speaker 2: with open AI and chat ch two. It's the most
Speaker 2: transformative technology of the time. And I find myself thinking
Speaker 2: I'm more of the optimist. I think there'll be a
Speaker 2: lot of new productivity that comes from this, but also
Speaker 2: a lot of changes in the job market. Bloomberg will
Speaker 2: be different, Bloomberg Radio maybe not so different all right
Speaker 2: at least, but I think it will be very different.
Speaker 2: And so I think the US versus China is an
Speaker 2: interesting thing. The big hyperscalers, the big you know, Chap,
Speaker 2: GBT and Gemini and so forth. Those companies are competing
Speaker 2: with China, and China's got well they have deep seek,
Speaker 2: but they have something else. They have one point four
Speaker 2: billion people, so they have data advantages over We're big,
Speaker 2: but we're only three hundred and forty million people.
Speaker 1: Gary Gonsler. We'll try to get that entire interview out
Speaker 1: on some form of Bloomberg digital platform. If you're in
Speaker 1: the heat wave, please stay cool out there. It can
Speaker 1: be dangerous we're on our podcast of course on YouTube podcasts.
Speaker 1: This is single best I get