President-elect Joe Biden is expected to nominate Gary Gensler as chairman of the U.S. Securities and Exchange Commission (SEC), according to anonymous sources. He will replace Trump’s SEC Chairman Jay Clayton, a staunch critic of blockchain and cryptocurrencies.
Gensler, a former Goldman Sachs executive, has been in charge of Biden’s financial policy transition team since November 2020. He currently teaches blockchain and digital assets at MIT.
“Blockchain can be a catalyst for change”
Having studied the cryptocurrency field closely, he has been vocal about the importance of blockchain and cryptocurrency in the financial world. In 2018, Gensler was a keynote speaker at the 2018 Blockchain Economic Forum (BEF) hosted by LATOKEN.
At BEF, Gensler explained the economics of initial coin offerings, cryptocurrencies, and cryptocurrency exchanges. Blockchain technology has many different applications, but he believes it could change global finance forever.
Valentin Preobrazhenskiy, founder and CEO of LATOKEN, appreciated Gary Gensler’s awareness on this topic. And he hopes Gensler’s appointment will help government agencies and the public understand how cryptocurrencies can shape the future of capital markets.
Gensler has testified about blockchain and cryptocurrencies several times before the U.S. Congress and dismissed comparisons between cryptocurrencies and Ponzi schemes. He also declared that Facebook’s yet-to-be-launched Libra token is fully qualified to be a security under U.S. law.
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