Gary Gensler, the Commodity Futures Trading Commission (CFTC)’s former Chairman and a well-known American academic, has finally been confirmed as the new leader of the United States independent agency, the Securities and Exchange Commission (SEC). His nomination is approved and confirmed by the US Senate on Wednesday, the 14th of April. It could be a piece of good news for the entire cryptocurrency industry, especially for the San Francisco-based blockchain payments giant Ripple, as Gary Gensler is considered a crypto-savvy person.
Gary Gensler To Lead the US SEC
Gary Gensler was picked by the President of the United States Joe Biden as a nominee for the Chairman of the Securities and Exchange Commission. He was already a strong candidate for this post, but now the confirmation of his nomination by the US Senate has made him the new Chairman of the regulatory authority of the US SEC. He was able to secure a vote of 53-43.
He will now lead the SEC and will play a vital role in the drafting and enforcement of rules for Wall Street, financial companies, and investors. He is going to be the 33rd Chairman of the US SEC. Republicans who cast their votes in favour of Gary Gensler are Cynthia Lummis (a BTC proponent), Chuck Grassley, and Susan Collins.
The selection of Gary Gensler as the new SEC Chairman will be a relief for the cryptocurrency industry, particularly for the cross-border remittance payments firm Ripple who is currently in a legal war with the SEC. As a crypto-savvy person, Gary Gensler is expected to play a role in the regulation of cryptocurrencies and their promotion as well. He may also play a vital role in the lawsuit battle between Ripple and SEC.
Gensler also spoke in favour of cryptocurrencies on the 2nd of March during his confirmation hearing, where he said that new thinking had been brought to payments by the world’s largest cryptocurrency by market value Bitcoin (BTC) and other digital assets. During that speech, he made a promise to the people saying that he will take certain actions for promoting cryptocurrencies as the new innovation and will make sure the protection of investors in the industry.
However, only time will tell what actions Gary Gensler will take for the cryptocurrency industry and whether they will be in favour of cryptocurrencies or not.
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