President-elect Biden’s team recently unveiled additional folks it plans on nominating for various positions after the inauguration on Wednesday. Biden’s pick to run the SEC has some serious crypto and blockchain chops.
On Jan. 12, Reuters reported on anonymous sourcing forecasting Gensler as Biden’s choice. Today’s statement from the Biden team confirms the President-elect’s expected choice.
Gary Gensler says: Coming immediately after the financial crisis, Gensler’s term at the CFTC saw him enforcing the provisions of the nascent Dodd-Frank Act in commodities markets. Gary Gensler served as chairman of the U.S. Commodity Futures Trading Commission from 2009 to 2014.
Gensler also taught classes on blockchain and crypto at MIT. The SEC has been criticized for its role in regulating the initial coin offering market, which has quieted down significantly since the commission began treating many ICOs as unregistered public securities offerings.
The formal nomination will have to wait until Biden actually takes office, and will further need confirmation from the U.S. Senate. January run-off elections in Georgia, however, secured the Senate for the Democrats.