Alan Greenspan passed away today, leaving behind a legacy that helped shape modern financial markets and lessons that remain relevant as we build the next generation of finance. His career reminds us that markets are never static. Technology evolves, access expands, and financial infrastructure must continuously adapt to serve a growing and increasingly interconnected world. Three lessons stand out: Innovation will always move faster than institutions. The challenge is not stopping progress but creating rules that allow innovation to develop responsibly. Expanding access matters. The strongest financial systems are those that give more people the ability to save, invest, and participate in economic growth. Trust creates liquidity. Markets only scale when participants have confidence in the rules, institutions, and infrastructure that support them. As we enter an era of tokenized assets, digital finance, and 24/7 markets, these lessons remain as important as ever. The future of finance will not be built by technology alone. It will be built by combining innovation with trust, access, and sound market structure. Markets won’t wait. They never have. The responsibility of our generation is to build the next era of finance faster, more accessible, and more transparent than the one we inherited.

Alan Greenspan, hailed as the greatest Federal Reserve chairman when he retired in 2006 but derided for a severe financial crisis that followed barely two years later, died aged 100, his wife said

Alan Greenspan’s decades of honorable public service grew out of his love of country and commitment to its progress. The arc of his career reflected - and shaped - the story of modern finance. Respected by both parties even when they disagreed with him, he made the @FederalReserve a more transparent and forward-looking institution. From Washington Heights to the heights of Washington, he’s an example of how anything in America is possible.

In honor of Alan Greenspan's passing today let's flashback to Ron Paul's interrogation of him in February of 2000. *Just weeks before the dot com bust* Where Dr. Paul got Mr. Greenspan to admit that he had no ideo how to measure the supply of "money". Just a brilliant moment.

Don Kohn, who tutored Alan Greenspan in the inner-workings of the Fed and served for the chairman's entire tenure as either a senior adviser or fellow rate-setter, reflects: "Once when he asked me what I thought we should be doing on policy, I started my response with, 'My gut tells me…' He quickly cut me off: 'That’s not your gut, Don, that’s your experience and knowledge.'"

For me the big tell about Warsh is the focus on productivity growth. As long as he gets that he is more likely to ease or hold pat into growth and even rising headline CPI, just as Greenspan did, as it should suppress PCE inflation. My guess "productivity" will be the key word markets learn to look out for .

Bessent tells CNBC he hopes the Fed has "an open mind" on what inflation looks like after the Iran-related energy increases have reversed Partial transcript: BESSENT:  I think we're going to have a high GDP economy without the traditional inflation seeping in. And as over the past few days, we've read the obituaries on Alan Greenspan. He had the foresight that in the ‘90s, productivity was about 1.5% or leading into the ‘90s, he saw that the office modernization and the internet could be a boom for non-inflationary growth. And he let the economy—I think that there was in early ’97, there was one tap-on-the-brakes rate hike. But other than that, we had the longest sustained growth period in history. And I think there's a very good chance that we could see that again. KERNEN:  But is there at this point still an underlying inflation rate that the Fed needs to be concerned with? Would you expect it rate cuts this year or even next year, given that we're nowhere near 2%? BESSENT:  Again, I'm not going to comment on that. But what I think is that we do need to have an open mind on the price or the inflation impact of the Iran conflict, and let's see what inflation looks like on the other side of this. And then we have an open mind that the A.I. boom could up productivity and be disinflationary, get us back down to target. What I am confident is that Kevin Warsh will do what, will take the best path to satisfy both the inflation mandate and the growth mandate. And look, he came out tough talking about the inflation.

Rebeca Grynspan, a former vice president of Costa Rica and the secretary general of the UN’s trade and development arm, talks about how she would deal with financial pressures at the United Nations. She speaks during a town hall at the UN hosted by Bloomberg