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Joe Biden considering Gary Gensler for Deputy Treasury Secretary

According to cointelegraph, Joe Biden is considering the former chairman of the Commodity Futures Trading Commission for a permanent position in his administration.

According to a Nov. 25 report from CNBC, the president-elect is floating Gary Gensler for a position as Deputy Treasury Secretary starting in 2021. The report declares that “people familiar with the matter” have noted Gensler as a likely candidate for the role. He would be working under former Federal Reserve Chair Janet Yellen, whom Biden is reportedly planning to nominate as Secretary of the Treasury.

Yellen and Gensler have different perspectives on digital assets and blockchain technology. At this time, Gensler is a senior advisor at the MIT Media Lab’s Digital Currency Initiative, which conducts research on blockchain and digital currency with the aim of facilitating development and adoption of the technology. Nevertheless, Yellen has been critical of crypto in the past, calling Bitcoin “anything but useful” in the months following the 2017 bull run.

Gensler served as chairman for the Commodity Futures Trading Commission (CFTC), under President Barack Obama from May 26, 2009, to January 3, 2014, and is currently acting as a financial advisor on the Biden-Harris transition team. He was known as a stringent regulator during his time as CFTC head, overseeing reforms to the $400 trillion financial derivatives market.

Advisors to the President-elect have said they will be announcing candidates for additional positions by the start of next week.

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