In November, Gary Gensler, a longtime Goldman Sachs associate, became part of Biden’s transition team. Reports appeared last week that Gary Gensler is expected to take over the SEC. Many consider Gensler to be the most crypto-informed person to lead the SEC.
US President-elect Joe Biden today announced Gary Gensler’s selection as the new Chair of the SEC. After Jay Clayton, who headed the SEC from May 2017, stepped down on December 23, Gensler succeeded acting President Elad Roisman.
Before entering the Clinton administration as Assistant Secretary of the Treasury, Gensler served almost 20 years at Goldman Sachs in the 1980s and 1990s. He later acted as former President Barack Obama’s primary financial regulator.
Gensler’s Finance History
From 2009 to 2014, as Chairman of the CFTC, he spearheaded the passage of the Dodd-Frank Act in 2010, which was meant to avert another financial crash.
Gensler also argued for a federal legislative regulation of the crypto sector in recent months.The veteran of Wall Street is often recognized for his comments regarding XRP being a safe, which suggests that the SEC’s crusade is likely to proceed against Ripple, the organization behind the token.
Gary Gensler is a lecturer at the School of Management of MIT Sloan. Gensler heads the Federal Reserve, Banking and Securities Regulators department analysis committee for the Biden-Harris transition.
Gensler previously worked from May 26, 2009, to January 3, 2014, as the 11th chairman of the Commodity Futures Trading Commission under President Barack Obama. He was the Under-Secretary of the Domestic Finance Treasury (1999-2001), and the Assistant Secretary of the Capital Markets Treasury (1997-1999).
Gary Gensler’s Experience with Cryptocurrency
Gensler worked at Goldman Sachs until his public-service career, where he was co-head of financing. He was the chief operating officer for the presidential campaign of Hillary Clinton.
He works on financial and technology intersections, does studies and lectures on blockchain technology, digital currency, financial technology, and public policy.
He is a member of the New York Fed Fintech Advisory Committee, a group of financial technology experts that frequently provides the President of the New York Fed with views and insights on the subject.
Gensler is known for his considerable crypto chops. On several dimensions, technology, politics, economics, and otherwise, he has committed himself immersively to understanding the space.
Before Congress, he testified on digital money policies and legislation, taught blockchain and digital assets at the MIT Sloan School of Management, and engaged in several U.S. and foreign public and private forums.