The Securities and Exchanges Commission (SEC) is witnessing a transition as the previous Chairman Jay Clayton’s term came to an end. Under the new Biden administration, it was rumored that Gary Gensler would become the next U.S. SEC Chair. This has been confirmed according to Reuters.
The new Chairman was previously chair of the Commodities and Futures Exchange Commission (CFTC) under the Obama administration and was known for his close examination of the derivatives markets mandated by 2010 Dodd-Frank act. While serving between 2009 and 2014, he developed a reputation for being a “bare-knuckle” fighter against corrupt activities.
More interesting than the reforms he introduced on Wall Street is his deep knowledge and understanding of cryptocurrencies. In the last few years, Gesler was a lecturer at MIT (Massachusetts Institute of Technology). He has covered the topic of cryptocurrencies and shows deep understanding of the underlying mechanisms.
Additionally, he has expressed his thoughts on the ICO craze and stated that more than 1,000ICOs were fraudulent. He’s even said back in 2018 that cryptocurrencies such as ETH and XRP might be securities.