Thursday, January 28, 2021
Home > Analysis > President-elect Joe Biden to Name Gary Gensler as New SEC Boss

President-elect Joe Biden to Name Gary Gensler as New SEC Boss

Despite his exposure to the potentials inherent in cryptocurrencies, many people are divided on the probable approach of Gary Gensler if he is finally affirmed as the new boss of the Securities and Exchange Commission.

The United States president-elect Joe Biden is expected to name Gary Gensler, a Washington financial technocrat as the next Chairman of the United States Securities and Exchange Commission (SEC). Gensler’s pronouncement as the new SEC boss is expected to be made known in the coming days according to a Reuters report citing sources close to the matter.

While the potential appointment of Gary Gensler is yet to be confirmed, many are already projecting how his leadership will be especially in relation to the embrace of digital currencies such as Bitcoin (BTC), Ethereum (ETH), and Litecoin (LTC) amongst others. While there is no one with the utmost certainty of how Gensler will pilot the affairs of the SEC, many believe his actions will be in direct contrast to that of the former SEC boss Jay Clayton.

“The top of the agency is going to be setting an agenda in the opposite direction of where Jay Clayton and the congressional Republicans have been steering for years, by expanding and improving industry disclosures and restoring investor rights,” said Ty Gellasch, head of Washington-based, Healthy Markets.

Who Is Gary Gensler?

Gary Gensler has been a public servant for the better part of his professional career. He served as the 11th chairman of the Commodity Futures Trading Commission (CFTC) under former President Barack Obama from May 26, 2009, to January 3, 2014. Gensler also had a short stint with the Treasury for Domestic Finance as the Under Secretary from 1999 to 2001.

Gensler combined the experiences gained in his 18 years of service at the investment banking firm Goldman Sachs Group Inc (NYSE: GS) to help pilot the affairs of the derivatives market following the 2008 global financial crisis. In his time as the CFTC boss, Gensler led the effort to pass and implement comprehensive oversight of the $400 trillion swaps market, a form of over-the-counter derivative that was at the center of the 2008 financial crisis.

Gary Gensler is a known veteran who has appeared before Congress to testify about blockchain technology and cryptocurrencies and he gives lectures on digital currencies as a Professor of the Practice of Global Economics and Management, MIT Sloan School of Management.

Divided Opinion About Gensler’s Regulatory Approach

Despite his exposure to the potentials inherent in cryptocurrencies, many people are divided on the probable approach of Gary Gensler if he is finally affirmed as the new boss of the Securities and Exchange Commission. While there are those who believe his leadership will usher in stricter regulations based on his antecedents on Wall Street, others hope his reign will herald and foster the advances in new technologies and market products.

Nonetheless, there are a lot of expectations on Gensler as he will be inheriting many controversial regulations the former SEC boss, including the ongoing legal action the agency took against Ripple Labs Inc and its executives.

“The good news is that much of that action came late enough in his tenure that it may still be possible to reverse course,” said Barbara Roper, investor protection director for the Consumer Federation of America.

Cryptocurrency news, Market News, News

Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.

Source