President-elect Biden has finally elected his candidate to lead the Securities and Exchange Commission.
According to Reuters anonymous sourcing in one Tuesday reportGary Gensler will be Biden’s nominee as SEC chairman. During the Obama administration, Gensler chaired the Commodity Futures Trading Commission, in which capacity he was responsible for enforcing the many new provisions of the Dodd-Frank Act that followed the 2008 financial crisis.
Gensler has spent most of Trump’s years at MIT teaching courses on digital assets and blockchain. If appointed, there is little doubt that a now Democrat-controlled Senate would be willing to confirm him. Gensler would probably be the most crypto-informed person running the SEC.
Former SEC Chairman Jay Clayton, who resigned in December, was known for pursuing initial coin offerings during his tenure. It was early in his tenure that the committee published its DAO report, its first statement that digital assets could be securities and therefore come under the jurisdiction of the SEC.
Gensler is one leader in financial policy on Biden’s transition team since shortly after Biden’s election victory in early November. There was a lot of speculation about it at the time Gensler’s Future Role in the coming government, with many predicting the SEC.