US President-Elect Joe Biden, Gary Gensler, is named after Elad Roisman as the new Chairman of the US Securities and Exchange Commission (SEC). During Obama’s administration, Gensler led the US Commodity Futures Trading Commission (CFTC) from 2009 to 2014.
The former banker became part of Biden’s transition team in November
According to two unnamed sources in Reuters, Beaden ultimately decided his final pick to lead the SEC after Jay Clayton stepped down as chairman in December. Gensler is a celebrity in the crypto industry, particularly in the educational field.
During Trump’s administration, the former Goldman Sachs banker taught courses on crypto assets and blockchain at the MIT Sloan School of Management. Sources familiar with the case told Reuters that Jenner could aim for “tougher rules”, raising concerns among Wall Street firms.
If confirmed by the Senate controlled by most Democrats, Gensler would also lead a regulatory fight against Ripple Inc.
The former banker led Biden’s financial policy transition team in November. This fact raised the possibility that a Wall Street veteran would be appointed to play the SEC role.
Former SEC chairman J., in place of Allad Roisman. Clayton was known for his early coin offerings agenda. During his tenure, the regulator also issued a report in which digital assets can be treated as securities.
How will the legal battle with Ripple be resolved with Gensler as chairman?
Under Gensler’s leadership, the SEC vs. Ripple saga could have negative implications for the blockchain firm due to previous statements by the former banker.
During a speech at an MIT conference in 2018, Gensler said There is a “strong case” for classifying XRP as security. In fact, the Wall Street veteran claimed that Ripple “is doing a lot to advance the value of XRP.”
On January 7, Ripple CEO Brad Garlinghouse addressed some of the allegations leveled by the SEC. At the time, he said the firm would file its initial legal response “within a week”.
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