President-elect, Joe Biden taps Gary Gensler, MIT blockchain professor to head his SEC

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Gensler taught a course on the future use of blockchain technology—entrepreneurs and incumbents—to transform the world of money and finance.

President-elect Biden eventually agreed that his candidate would lead the Securities and Exchange Commission.

At least according to Reuters’ anonymous sourcing in a Tuesday article, Gary Gensler will be nominated by Biden as Chair of the SEC. During the Obama administration, Gensler was chairman of the Commodity Futures Trading Commission, in which capacity he was in charge of introducing the several new provisions of the Dodd-Frank Act that accompanied the financial crash of 2008.

Gensler spent most of Trump’s years at MIT, teaching digital assets and blockchain lessons. Was nominated, there is no question that the now-democratic-controlled Senate will be able to confirm it. Gensler is expected to be the most crypto-informed person to head the SEC.

Former SEC Chair Jay Clayton, who resigned in December, was known to have been seeking initial coin offerings during his tenure of office. It was at the start of its tenure that the Commission published its DAO Paper, the first statement that digital properties could be shares and would thus be subject to the jurisdiction of the SEC.

Gensler has been a pioneer in financial strategy for Biden’s transition team since shortly after Biden’s election victory in early November. At the time, there was a lot of talk about Gensler’s prospective position in the coming administration, with many expecting the SEC.

-Reuters

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