Wall Street Veteran Gary Gensler to be named as new SEC Chairman by Joe Biden

  • Joe Biden, The U.S. President-Elect is all set to announce the new nominee for chairman of the U.S. Securities and Exchange Commission (SEC): Gary Gensler
  • Gary joined the Biden’s financial policy transition team as its head in November
  • The SEC vs. Ripple saga could take a different turn under the leadership of Gary

The U.S. President-elect, Joe Biden, is all ready to announce a new nomination for the position of SEC’S chairman. His final pick is going to be the Gary MIT Blockchain Professor Gary Gensler. 

Gary will then be replacing Elad Roisamn, the current chairman of Securities and Exchange Commission (SEC).

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Gary’s past record boasts of his leadership at the U.S. Commodity Futures Trading Commission (CFTC) for a period of five years during Obama’s administration.

Gary Gensler: a member of Biden’s transition team

Reuter’s two unnamed sources reported that Biden has finally chosen the candidate for the leadership of SEC. This came as an important decision post Jay Clayton’s sudden step-down as chairman in December. 

The former Goldman Sachs banker, during Trump’s administration, used to teach lessons on crypto assets and blockchain at MIT Sloan School of Management. 

Contextually familiar sources informed Reuters that Gary’s potential aim could be “tougher regulations” where he might  focus on raising concerns within Wall Street firms.

The Senate’s confirmation, if it happens, would ensure Gary’s lead in the regulator’s fight against Ripple Inc.

Gary also supervised Biden’s financial policy transition team in November. This was a major attribute in increasing the odds of his appointment as the SEC leader.

The effect of Gary’s leadership on the SEC vs. Ripple saga

Gary’s leadership could have negative effects on the blockchain firm under the SEC vs. Ripple saga. This could be said in reference to the former banker’s previously made statements.

At an MIT Conference in 2018, Gensler made a speech stating that there exists a “strong case” for XRP’s classification as a security. The Wall Street veteran also argued that Ripple is putting in a lot of effort to enhance the value of XRP.

The Ripple CEO, Brad Garlinghouse, recently responded to some of the accusations charged by the SEC. On January 7, he proclaimed that the firm is planning to file its initial response during the coming weeks.

Do you agree that choosing Gary as the new nominee for the SEC chairman was a fair decision? The readers will have to wait and observe Gray’s plan of action to comment on that.

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Andrew Smithhttp://thecoinrepublic.com
Andrew is a blockchain developer from his education and developed his interest in the cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer.

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