Biden Will Name Gary Gensler as SEC Chairman

President-elect Joe Biden has confirmed that he will name Gary Gensler as the next chairman of the U.S. Securities and Exchange Commission (SEC) in a new announcement. 

Gensler has been named as one member of Biden’s transition team to overtake the U.S. financial policy from Donald Trump. He will take over from former SEC chairman Jay Clayton.

Previously, Gensler served as the chairman of the Commodity Futures Trading Commission (CFTC) and gained extensive experience in regulating financial markets.

Though Gensler has a strong history in public policy and finance, his teaching experience is more relevant to the cryptocurrency sector. As a professor, Gensler teaches blockchain technology at MIT Sloan and is also a senior advisor to the MIT Digital Currency Initiative.  

The appointment of Gensler is expected to bring in a new era of more refined cryptocurrency regulations in the United States. In 2018, during an interview with CNBC, Gensler said that the crypto industry needs to come under the public policy to succeed. 

It is virtually certain that the SEC’s lawsuit against Ripple will continue under Gensler’s leadership—not just due to the fact that the case is already in progress, but also due to Gensler’s stance on XRP.

Gary Gensler next SEC chairman , Knows about the @ripple lawsuit. #xrp pic.twitter.com/5i0f9gmxoj

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