Gary Gensler has been appointed as the Chairman of the U.S. SEC (Securities and Exchange Commission). The much-anticipated confirmation of Gary Gensler as chairman of the U.S. SEC finally comes to an end. Gensler will manage the SEC and supervise the broker’s and corporations’ investments to U.S. federal securities law. Additionally, Gensler’s nomination for the role of Chairman is prominent for the cryptocurrency and blockchain industry.
After a 53-45 vote by the Senate, Gensler will now be responsible for enforcing Wall Street rules and regulations. Moreover, Gensler has a lot of experience, having operated as Chairman of the CFTC (Commodity Futures Trading Commission) under President Obama. Meanwhile, Gensler is well-known for being a tough advocate. Gary is a strong proponent of cryptocurrencies. Furthermore, the new SEC Chair will supersede acting Chairman commissioner Allison Lee.
Gensler Calls Bitcoin The Modern Form of Gold
Gary Gensler has a demonstrated background in blockchain technologies and the benefits that crypto provides. Further, the new Chairman has vast experience, having run courses linked to those topics at MIT. Gensler previously referred to bitcoin as the modern form of gold. The appointment of Gensler occurs at a time when the crypto industry is growing massively. However, Gensler will have a lot of things to deal with.
Crypto regulations are still uncertain and have yet to be defined accurately. However, with Gensler in the position, it is apparent that regulations won’t discourage the market but probably help the market flourish in a safe environment. Moreover, post the SEC’s formal charges against Ripple Labs in December 2020, the declaration of Gensler would be assertive news for the company. Although, the XRP token has witnessed enormous growth after the current motion against the SEC. Ripple filed a motion upon the SEC linked to accessing Ripple’s executive’s funds. The court passed it in favor of Ripple.
Meanwhile, the official appointment of Gary Gensler can be considered a win for the crypto industry. Following his appointment, the U.S. plan for launching a Bitcoin ETF may accelerate. Recently, in the enhancement of being criticized for the unclear regulatory framework for crypto, experts have questioned why the U.S. is not approving bitcoin ETF. Moreover, American institutions have urged the SEC with applications for a Bitcoin ETF. It involves former House communications director Anthony Scaramucci’s Skybridge firm, Fidelity, and Galaxy Digital, to name a few.