The United States Securities and Exchange Commission plays a pivotal role in regulating various financial operations in the country. It is a critical authority that can impact the fate of the crypto industry to a large extent.
The new nominee to head the US SEC commission is a blockchain and digital assets expert, which is welcome news in the crypto community.
Gary Gensler Likely To Become SEC Chairman
President Joe Biden has selected Gary Gensler as the nominee for the SEC Chairman. An Obama administration veteran Gensler played the Chairman of the Commodity Futures Trading Commission and enforced the new provisions during the 2008 economic recession. Gensler is a blockchain expert and taught courses relating to digital assets and blockchain at MIT.
The chances are high that once nominated, the new senate would confirm him as the Chairman of SEC, which would be highly favorable for the crypto industry as he is one of the most learned and crypto aware people in the commission so far..
Most recently, SEC and Crypto firm Ripple have been at loggerheads regarding the Lawsuit filed against Ripple for distributing XRP tokens in the country. While the SEC adjudicated that XRP is unregistered security, Ripple affirmed that it is an open-source cryptocurrency. The XRP community even called out the SEC for not favoring the interests of investors, which is the opposite of the commission’s aim. Gensler played a crucial role in Joe Biden’s transition team and led the financial policies.
Gensler is not only aware and versed about Bitcoin and blockchain but has also taught about the same in the prestigious academic Institution MIT. Gensler is supportive of Bitcoin and cryptocurrencies and called Bitcoin a modern form of gold. As Gensler has sound knowledge of blockchain technology and is aware of digital assets, his appointment would likely be beneficial for the crypto industry.
Lawsuits against Ripple, Telegram, and Kik have created some pastures for cryptocurrency players in the country. As the United States SEC begins to pay more attention to cryptocurrency markets and starts to allocate its efforts to regulation and control of crypto markets, the appointment of a person familiar with the industry and its efficacies, is indeed favorable for everyone.
Disclaimer
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