According to a statement from Biden’s transition team on Monday, one key pick is Gary Gensler as Chairman of the Securities and Exchange Commission (SEC). On Jan. 12, Reuters reported on anonymous sourcing forecasting Gensler as Biden’s choice. Today’s statement from the Biden team confirms the President-elect’s expected choice.
“Gary Gensler served as chairman of the U.S. Commodity Futures Trading Commission from 2009 to 2014,” according to the statement. Coming soon after the financial crisis, Gensler’s term at the CFTC saw him enforcing the provisions of the nascent Dodd-Frank Act in commodities markets.
As reported by Cointelegraph, formal nomination will have to wait until Biden actually takes office, and will further need confirmation from the U.S. Senate.
Gensler also taught classes on blockchain technology and crypto at MIT. Having someone knowledgeable on the crypto and blockchain industry leading the SEC could pave the way for educated regulation and guidelines.