Bloomberg Audio Studios, podcasts, radio news, single best idea. Gary Gensler really something on Wall Street. Just terrific, terrific career, mostly Goldbyn Sachs, coming out of the University of Pennsylvania, and then he decided to do public service. It's culminating as Chairman of 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 Goensler talking about the abrupt shift to the Trump SEC from the Biden SEC. Gary Goensler on the modern technologies, the shadows out there. We talked about private credit and valuation there, but far more. Gary Gensler on stable coin.
Stable coins. Tether was invented early on about ten eleven 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 lawn during in 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 thirty five or forty 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 Gonsler diplomatic there I would say about stable coin. I really want to emphasize this is 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 Raphael our au Er and BIS and Geneva. Just in the last number of days they have put out a blistering research paper on stable coin.
And as with ken Rogoff, my book of the Summer Our Dollar Year Problem, three chapters from Kenneth Rogoff of Harvard on stable coin, 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 mister 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, it's one, it's been around at least ten years, even longer, so it's not just new with open AI and chat ch 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 at least, but I think it will be very different.
And so I think the US versus China is an interesting thing. The big hyperscalers, the big you know, Chap, GBT and Gemini and so forth. Those companies are competing with China, and China's got well they have deep seek, but they have something else. They have one point four billion people, so they have data advantages over We're big, but we're only three hundred and forty million people.
Gary Gonsler. We'll try to get that entire interview out on some form of Bloomberg digital platform. If you're in the heat wave, please stay cool out there. It can be dangerous we're on our podcast of course on YouTube podcasts. This is single best I get