US President-elect Joe Biden is set to appoint Gary Gensler as the new chair of the US Securities and Exchange Commission (SEC) to replace Elad Roissmann. During the Obama administration, Gensler led the US Commodity Futures Trade Commission (CFTC) from 2009 to 2014.
The former banker became part of Biden’s transition team in November
According to two unnamed Reuters sources, Biden has finally made it I decided In his final choice to lead the SEC, after Jay Clayton stepped down as president in December. Gensler is a well-known figure in the cryptocurrency industry, specifically in the academic field.
During the Trump administration, a former Goldman Sachs banker taught courses on crypto and blockchain origins at the MIT Sloan School of Management. Sources familiar with the matter told Reuters that Gensler could aim for “tougher regulations”, raising fears of Wall Street firms.
If confirmed by the mostly Democratic-controlled Senate, Gensler would also lead the regulator’s battle against Ripple Inc.
The former banker also headed Biden’s fiscal policy transition team in November. This fact increases the odds that the Wall Street veteran will likely be hired to take on the role of the SEC.
Former SEC Chair Jay Clayton, Replacement By Elad Roisman, he was known for an agenda to follow his initial coin offerings. During his tenure, the regulator has also released a report declaring that digital assets can be treated as securities.
How will the legal conflict with Ripple be resolved with Gensler as President?
Under Gensler’s leadership, the Securities and Exchange Commission vs. Ripple long story It could have a negative impact on the blockchain company due to past statements made by the former banker.
During a speech at the MIT conference in 2018, Gensler He said There is a “strong argument” for XRP It is classified as a security. In fact, the Wall Street veteran claimed that Ripple “is doing a lot to enhance value.” XRP. “
On January 7, Ripple’s CEO, Brad Garlinghouse directed Some allegations made by the SEC. At the time, he said the company would provide its initial legal response “within weeks.”
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