Gary Gensler
speaker
649 appearances
2 recordings
1 series
first heard Aug 2026
last heard 3d ago
Gary Gensler’s voice in public audio — every appearance, attributed to the second.
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recordings per month · last 12 monthsRecordings per month over the last 12 months — 2 in all, peaking in Sep 2026 with 1.
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a market.
We also hear from a regulator, to some extent, even the stock market itself is a prediction market.
I like to think that filing that friend of the court brief, which was the first time I've ever done it in my life, was actually pro the Commodity Futures Trading Commission because it was to accurately say what we were trying to do in twenty oh nine and twenty ten when the Commodity Exchange Act was amended.
In front of the court right now is this question Is a bet on whether somebody makes a three point shot in a particular basketball game is that what has come to be known as a swap under the Commodity Futures Trading Commission?
No, no.
Let me put it in the easiest terms and so forth.
Swaps are a form of derivative.
They're about hedging risk.
It was initially about farmers trying to hedge their price risk of their crop, actually invented in Japan in the 1730s for rice farmers.
And then the US picked it up in the 1850s for corn and wheat farmers, hat tip to the Japanese there.
And it was all right, I have to plant my crop, but I don't know the price at harvest time and I don't know how much I'm gonna actually harvest.
Fast forward more recently, let's see if we can hedge other risks for oil and gas and interest rate risk and credit risk.
and even hurricane risk.
I worked on some of this in the
Clinton administration in nineteen ninety nine and two thousand.
There was a law that was passed at the end of the Clinton administration that said that these new forms of derivative swaps would not be regulated by the Securities and Exchange Commission or the Commodity Future Trading Commission.
It was done in the thought of creating some legal certainty and that these contracts were really amongst and between sophisticated institutions and banks.
Looking back, that was not a good thing for the American public.
And part of the financial crisis in 2008 were these credit default swaps and interest rate swaps.
The financial crisis happens in 2008.
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