The Senate has voted on Wednesday in favor of electing Gary Gensler to Chair the U.S. Securities and Exchange Commission.
Gensler had previously been nominated as the top man for the job by incoming U.S President Joe Biden. Following several months of deliberation, the Senate have finally voted for Gary Gensler to head up the role.
Senate votes in favor of Gensler
Following a 53-45 vote by the Senate, Gensler will now be tasked with enforcing rules and regulations on Wall Street. Gensler comes with plenty of experience, having previously operated as Chairman of the Commodity Futures Trading Commission (CFTC) under President Obama.
While known for being a tough advocate. Gensler is also a strong supporter of cryptocurrencies. The new SEC Chair will replace acting Chairman commissioner Allison Lee.
Gensler is well versed in blockchain technologies and the benefits that cryptocurrencies offer. The new Chair has plenty of experience having run courses related to those topics at MIT. Gensler has also previously called Bitcoin “the modern form of gold”
The appointment of Gensler comes at a time when the cryptocurrency industry is flourishing. The Coinbase IPO went live on the same day as the appointment of Gensler. Essentially highlighting the first step in the adoption of cryptocurrency markets in the future.
Gensler will have his hands full
However, Gensler will have his hands full. Cryptocurrency regulations are still a grey area that have yet to be defined accurately. But with Gensler at the helm, it is evident that regulations won’t deter the market, but likely help the market grow in a safe environment.
Following the formal charges by the SEC against Ripple Labs in December 2020, the announcement of Gensler would be positive news for the company. Regardless, the XRP token has seen tremendous growth following the recent motion against the SEC. Ripple filed a motion against the SEC related to accessing Ripple’s executives personal funds. This was passed in favor of Ripple.
While the official appointment of Gensler can be considered a win for the cryptocurrency industry. Gensler will have a lot on his plate in terms of working with the government to formalize regulations and policing a rapidly growing industry. One in which he has plenty of experience in.