President-elect Biden’s office recently unveiled additional candidates it plans to appoint for different posts following the inauguration on Wednesday.
One primary choice is Gary Gensler as Chairman of the Securities and Exchange Commission or SEC, according to a statement by the Biden Transition Team on Monday. On Jan. 12, Reuters published an anonymous sourcing prediction of Gensler as Biden’s option. Today’s announcement by the Biden team confirms the President-anticipated elect’s choice.
“Gary Gensler served as chairman of the U.S. Commodity Futures Trading Commission from 2009 to 2014,” the statement said. Coming immediately after the financial crisis, Gensler’s term at the CFTC saw him enforcing the provisions of the nascent Dodd-Frank Act in commodities markets.
Formal appointments will have to wait before Biden finally takes office, which will require approval from the U.S. It’s the Senate. However, the January run-off votes in Georgia were won by the Senate of the Democrats.
Gensler also taught blockchain and crypto courses at MIT. Getting anyone informed about the crypto and blockchain industry heading the SEC might pave the way for informed regulation and guidance. The SEC has been critical for its role in controlling the initial coin issuance market, which has been greatly relaxed since the Commission started to regard certain ICOs as unregistered public stock offerings.
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