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Gensler’s nomination comes almost three months after President Joe Biden confirmed his selection for the SEC.
The United States Senate approved Gary Gensler’s appointment to lead the Securities and Exchange Commission, or SEC, largely along party lines.
The Senate confirmed the former chair of the Commodity Futures Trading Commission, or CFTC, to head the Securities and Exchange Commission today by a vote of 53-45. In November, Gensler, an MIT Sloan School of Management professor, volunteered to join then-President-elect Joe Biden’s team as a financial specialist. Biden named the former CFTC chair to the SEC shortly before his January inauguration.
During his confirmation hearings with the Senate Banking Committee last month, Gensler seemed evasive on whether he might adjust SEC policy on cryptocurrency. However, he mentioned that he respected some of the commission’s previous rulings, such as the removal of Bitcoin (BTC) from its regulatory purview.
“Bitcoin and other cryptocurrencies have brought new thinking to financial planning and investor inclusion,” said Gensler at the time. “I’d work with fellow commissions both to promote the new innovation but also, at the core, ensure investor protection. If something were a security, for instance, it comes under security regulation, under the SEC.”
From 2009 to 2014, Gensler served as Chairman of the Commodity Futures Trading Commission (CFTC) under President Barack Obama. During his tenure as CFTC chairman, he was regarded as a tough regulator who oversaw changes to the $400 trillion financial derivatives industry.