Bloomberg Talks Former SEC Chair Gary Gensler Talks Crypto, CME Outage
Dec 2, 2025
Gary Gensler, former chair of the U.S. Securities and Exchange Commission and MIT professor, discusses the implications of the Chicago Mercantile Exchange outage. He warns about the speculative nature of cryptocurrencies and the lack of fundamentals in many tokens. Gensler emphasizes the need for sensible regulations in crypto and highlights the centralization risks stemming from ETFs. He also shares details about the CME outage, criticizing the delayed response to the cooling failure that led to the disruption.
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Crypto Lacks Traditional Fundamentals
- Cryptocurrencies are highly speculative and lack traditional fundamentals like dividends or predictable returns.
- Gary Gensler warns investors to recognize the high volatility and unclear underlying value of many tokens.
Regulation Is About Market Fairness
- Crypto regulation transcends partisan politics and is about preserving fair capital markets.
- Gary Gensler emphasizes common-sense rules to ensure equal information and treatment for all investors.
Decentralized Origins Tend To Centralize
- Financial markets naturally centralize over time, even assets born as decentralized experiments.
- Gary Gensler notes ETFs and institutional flows have integrated crypto with traditional markets.