President-elect Joe Biden is going to name Gary Gensler as chair of the U.S. Securities and Exchange Commission (SEC), according to Reuters. Gensler, a top financial regulator, also served under the Obama administration.
- Gensler is a senior advisor to the MIT Media Lab Digital Currency Initiative, a professor of the Practice of Global Economics Management, MIT Sloan School of Management.
- Since November, Gensler has led Biden’s transition plan for financial industry oversight.
- Gensler was chair of the Commodity Futures Trading Commission (CFTC) from 2009 to 2014.
- He also served as senior advisor to U.S Senator Paul Sarbanes in writing the Sarbanes-Oxley Act, which dictates how public companies are accounted.
- Gensler is a crypto-enthusiast and has taught crypto courses and blockchain at MIT Sloan School of Management.
- The selection of Gensler comes amidst uncertainty over his 2018 remarks in which he called for the classification of Ripple as security.
Cryptocurrencies are currently gaining. BTCUSD is up 1.36%, ETHUSD is up 2.27%