The US Senate has just confirmed Gary Gensler as chairman of the Securities and Exchange Commission, which places him in charge of the Biden administration’s plan to put Wall Street under close surveillance.
The senators voted 53-45 to get Gensler’s nomination approved.
Gensler is known for his pro-crypto viewpoint. He teaches blockchain and digital currencies as a professor at MIT Sloan School of Management and has talked about his policies on cryptocurrencies once he becomes the SEC chairman.
On March 2, 2021, Gensler was asked about how Congress and the SEC could create a more progressive regulatory environment for innovators in the realm of crypto.
“As I teach at MIT on these subjects, these innovations have been a catalyst for change,” replied Gensler. “Bitcoin and other cryptocurrencies have brought new thinking to payments and financial inclusion but they’ve also raised new issues of investor protection that we still need to attend to. So I think, if confirmed at the SEC, I’d work with fellow commissioners to promote new innovation but also, at the core, ensure investor protection.”
Previously, the SEC has not established rules that are tailored to cryptocurrencies, which left many confused due to its lack of clarity. The SEC has also constantly denied requests to create a bitcoin ETF in the last eight years, stating liabilities like fraud, custody and excessive volatility to be the reason behind their reluctance. The SEC’s suppression of cryptocurrency did not stop there as they have filed a lawsuit against Ripple for the allegedly unlawful sales of XRP in December 2020.
Considering that a crypto supporter like Gensler is now taking over the SEC, this could be a sign for significant changes to come.
