Biden officially names Gary Gensler for SEC chairman post


President-elect Joe Biden has officially named Gary Gensler as his pick for chairman of the U.S. Securities and Exchange Commission (SEC), confirming previous media reports.

Gensler was chairman of the U.S. Commodity Futures Trading Commission (CFTC) from 2009 to 2014, and since November, he has led Biden's transition planning for financial industry oversight.

As the country's top securities regulator, Gensler, a professor at the MIT Sloan School of Management, will oversee banks, brokers, public companies, as well as the crypto sector. Gensler would likely play a key role in considering a bitcoin exchange-traded fund, given revived efforts to launch one in the U.S. and institutional interest in such investment products.

Gensler, however, is no crypto enthusiast, as The Block's Mike Orcutt wrote in November. But he is blockchain savvy, having served as a senior advisor at the MIT Media Lab's Digital Currency Initiative. Gensler has also publicly commented on crypto projects, including the Facebook-backed Libra, now known as Diem.

Biden's other pick, Rohit Chopra, for director of the Consumer Financial Protection Bureau, has also publicly commented on Libra in the past. Chopra currently serves as a commissioner of the Federal Trade Commission.

Related Reading

Get Your Crypto
Daily Brief

Delivered daily, straight to your inbox.

TRON USDC now available

Delivering on a vision for an interoperable global standard for dollar digital currency, Circle and TRON have partnered to make USD Coin (USDC) available on the TRON blockchain, which has grown to more than 56 million accounts and nearly 2.5 billion transactions since its founding just four years ago. TRON is home to a broad ecosystem for digital assets in Asia and around the world, and the TRON community can now benefit from easy access to the world's fastest-growing, regulated dollar digital currency. 
Read Full Story
Sponsored Post

Layer-1 Platforms: A Framework for Comparison

The Block Research was commissioned by Algorand to create Layer-1 Platforms: A Framework for comparison, which provides a “look under the hood” at seven platforms: Algorand, Avalanche, Binance Smart Chain, Cosmos, Ethereum/Ethereum 2.0, Polkadot, and Solana. We assess their technical design, related ecosystem data, and qualitative factors such as key ecosystem members to get an understanding of how they differ. Having done this analysis, we draw some insights for what the future of the broader smart contract landscape could look like for years to come. 
Read Full Story
Aug 11, 2021, 5:18PM UTC