Gary Gensler, professor of the Practice, Global Economics, and Management at Massachusetts Institute of Technology (MIT), was confirmed as chairman of the Securities and Exchange Commission (SEC) on Wednesday the 14th.
The professor has plenty of experience in the Finance sector having been a former Goldman Sachs banker and a commodities regulator under the administration of ex-president Barack Obama
With the increasing need for regulatory clarity for the cryptocurrency market in the world’s biggest economy, it is expected that the new SEC Chairman will be able to help bridge the gap that has been increasing over the last moves with the previous administration’s decision to go after Ripple and LBRY.
Gensler has focused on cryptocurrency and blockchain technology when working for MIT’s School of Management, which is sure to provide him with a unique insight that its predecessors lacked regarding the new financial market.
While the nomination was approved by a vote of 53 to 45, the appointment has been controversial among the 2 parties that compose the US senate, with critics like Sen. Patrick Toomey believing that “he will use the FCC and its regulatory powers to advance an agenda that should not be the purview of the SEC”.
On the other hand, Senate Banking Chair Sherrod Brown believes the appointment will prove to be especially successful when it comes to enforcement:
“Mr. Gensler has shown he has the guts to take on bad actors, no matter how big, no matter how powerful they are, and he will hold them accountable.”
What Can The Crypto Market Expect From This Appointment?
Given Gensler’s history as a professor at MIT, he has written extensively on the topic of cryptocurrency regulation, having indicated that he believed Cryptocurrencies to be “a moving target.”
Back in 2018, Gensler stated that he believes there was a “strong case” for XRP and ETH to be considered a security, which would mean they would have been traded in violation of the…