Biden’s team announces their choice for SEC chairman

Biden’s team proposes Gary Gensler, a figure no stranger to crypto and blockchain, as the new chairman of the SEC

President-elect Biden’s team recently unveiled more names it plans to nominate for various positions after Wednesday’s inauguration.

A key choice among them is Gary Gensler as chairman of the Securities and Bitcoin Code Exchange Commission (SEC), according to a statement released Monday by the transition team. On 12 January, Reuters reported an anonymous source’s prediction that Gensler was Biden’s selected candidate. Today’s communication from the team confirms the predicted choice of the incoming president.

„Gary Gensler served as chairman of the US Commodity Futures Trading Commission from 2009 to 2014,“ the announcement explained. Beginning immediately after the financial crisis, Gensler’s tenure at the helm of the CFTC saw him implement the provisions of the nascent Dodd-Frank Act in the commodities markets.

Formal appointment will have to wait until Biden is actually sworn in, and will require further confirmation by the US Senate. However, the elections in Georgia in January secured the Senate for the Democrats.

In addition, Gensler has lectured on blockchain and crypto at MIT. A figure with expertise in crypto and blockchain at the helm of the SEC could pave the way for informed regulation and guidance. The SEC has been instrumental in its role in regulating the Initial Coin Offering market, which has calmed down significantly since the commission began treating several ICOs as unregistered public security offerings.