According to Reuters, some of their sources say that president-elect Joe Biden is looking to appoint Gary Gensler, the former Commodity Futures Trading Commission (CFTC) chairman from the Obama administration, as the new Securities and Exchange Commission (SEC) head. Notably, former CFTC chair Gensler was actively involved in the enforcement of several newly-established provisions that cleared the financial crisis of 2008.
It is also worth noting that Gensler spent most of the Trump administration years teaching students about blockchain and cryptocurrencies at MIT. If reports are indeed accurate, Gensler would most probably be the most crypto-knowledgeable candidate for the SEC head position – giving the industry something to root for.
Even before actually sitting as the SEC chairman, many now believe that Gensler would be a great fit to work alongside the current SEC Commissioner, the “crypto mom” Hester Peirce. On top of their shared valuation for established rules, both Gesler and Peirce are also very fond of digital assets, and thus, it wouldn’t be hard to imagine the two working well alongside each other.
This is a stark contrast compared to the former SEC chairman, Jay Clayton, who became famous for stating that Bitcoin (BTC) couldn’t trade on mainstream exchanges and pursuing initial coin offering (ICO) throughout his term. Seeing as to how excellent the crypto is doing right now, Clayton’s words from before cannot be more untrue.