Home / Business / US President-Elect Biden Nominated MIT Blockchain Professor Gary Gensler as SEC Chair

US President-Elect Biden Nominated MIT Blockchain Professor Gary Gensler as SEC Chair

Joe Biden, the elected president of the United States, was named Gary Gensler as the new chairman of the US Securities and Exchange Commission (SEC) to replace Elad Roisman during the Obama administration’s lead. The US Commodity Futures Trading Commission (CFTC) from 2009 to 2014.

The former banker became part of Biden’s transformation team in November.

According to two unnamed Reuters sources, Biden finally made the final choice to lead the SEC after Jay Clayton stepped down as chairman in December.Gensler is a well-known figure in the crypto industry, especially in the industry. academic

During the Trump administration, former Goldman Sachs banker taught a course on crypto and blockchain assets at the MIT Sloan School of Management, a source familiar with the matter told Reuters that Gensler could aim at “regulation. “Tighter” has raised concerns between Wall Street companies.

If confirmed by the Senate, which is largely controlled by Democrats, Gensler will lead the fight with Ripple Inc.

The former banker also headed Biden’s monetary policy change team in November. That fact increases the chances that Wall Street veterans are likely to be appointed to the SEC role.

Former SEC Chairman Jay Clayton, replaced by Elad Roisman, is known for the initial coin offering. During its tenure, the regulator also issued a report that digital assets can be considered securities.

How will the legal battle with Ripple be resolved with Gensler presiding over?

Under Gensler’s leadership, the SEC vs.

During a 2018 MIT speech, Gensler said there was a “strong case” for XRP rated as safety. In fact, Wall Street veterans claim that Ripple “is doing a lot to improve the value of XRP.”

On January 7, Ripple CEO Brad Garlinghouse addressed some of the SEC’s allegations at the time, saying the company would file a preliminary legal response “within weeks.”

Do you agree with the nomination of Gensler as SEC Chairman? Let us know in the comments section below.

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