Compound finance general counsel and DeFi group co-chair at the Blockchain Association, Jake Chervinsky, believes that Gary Gensler’s introduction as the new SEC chair will be a positive step for Bitcoin in the long-term.
SEC Becomes Pro-Bitcoin
Speaking on Twitter, Chervinsky commented on what he believed would happen if Gensler became Chair of the SEC. The lawyer explains that he believes Gensler would drive policies in favor of Bitcoin.
It is being widely reported that newly elected president Joe Biden will be appointing Gesler to the SEC chair role. A move that would likely appease the crypto community.
Bitcoin Good, Ripple Bad?
Gensler has a positive outlook on cryptocurrencies and blockchain adoption, going as far as to call Bitcoin the modern form of Gold. He is also known for teaching courses on blockchain and Bitcoin at MIT.
Chervinsky commented on the potential appointment of Gensler by adding that Gensler “deeply understands crypto & has strongly supported Bitcoin for years.”
Chervinsky furthermore believes that the appointment will see a policy shift in favor of a Bitcoin Exchange-Traded-Fund (ETF).
Continuing with the thought process, Chervinsky explained that Gensler might have changed his mind on XRP operating as a security. However, the chances of an incoming chair (who wasn’t present for the investigation) reversing the SEC’s decision would be unlikely.
All-in-all, Gensler’s appointment as chair of the SEC should be bullish for bitcoin and the crypto community at large. However, it appears that Ripple will still have a fight on its hands.