Crypto investors have been keenly watching who the Biden administration would appoint as chairman of the Securities and Exchange Commission. Finally, the administration has settled on Gary Gensler, and his appointment has been confirmed by the senate. This is good for the U.S crypto community because Gensler has always been pro-crypto.
During his confirmation, Gensler stated that cryptocurrencies such as Bitcoin had led to new thinking in finance and brought about inclusivity. He added that he would work with other commissioners to ensure that the innovation grows while at the same time protecting investors from harm. This is a sharp contrast from his predecessor, Jay Clayton, who was quite hostile to crypto. In fact, it was under Clayton’s leadership that the lawsuit against Ripple started.
The appointment of Gensler has been well received by the market, especially by Ripple investors. Commenting on the new SEC chairman appointment, the firm’s CEO Brad Garlinghouse said that the crypto firm was ready to work with the SEC in creating a clear path for blockchain innovation. He added that Ripple would be looking to settle the ongoing lawsuit that it has with SEC.
Besides being pro-crypto, the new SEC chairman is experienced and a perfect fit for the role. He was a management professor at MIT and was the chairman of the Commodity Futures Trading Commission under President Obama. He was also in the current administration’s review team of the Transitional Federal Reserve Banking and Securities Regulations. He is a man that could spearhead lots of progress in the U.S crypto space.