- The Senate Committee voted 14-10 in favour of Gary Gensler
- US President Joe Biden voted for Gary Gensler to be the Chairman of SEC
New Chairman of SEC Gary Gensler has become the hope of many crypto enthusiasts, not only for his innovative thinking but his inclination towards the crypto market. He has been voted by the Senate Banking Committee in the US, and 14-10 votes favoured him.
Gary Gensler brings positive sentiment for the overall market conditions
The cryptocurrency market capitalization saw an instant jump to $1.7 trillion only after Gary Gensler’s announcement as an ideal candidate to take charge as the Chairman of the Securities and Exchange Commission (SEC). The Senate Banking Committee in the US has voted in favour of being the apt candidate for SEC.
The members of the Senate Committee favoured Gensler and voted 14-10. Gensler was a favourite of US President Joe Biden, and he nominated him for the post of Chairman of SEC in January 2021. After the news broke out, the crypto market saw a jump of 3%.
Gensler is an advocate for Cryptocurrency, and he has a good grip on the market. He is regarded as an innovator and is always ready to promote innovation. The former Chief of the US Commodity Futures Trading Commission (CFTC) also believed that bitcoin and other digital currencies bring new thinking to payments and financial inclusion.
Bitcoin has been running high in the crypto market, and the price of one bitcoin has currently touched $57,000, and the total market cap of bitcoin crossed $1.05 trillion. Unlike bitcoin, Ethereum is also showing a great sign of improvement and posted strong gains in the current week as the digital currency surpassed $1,800 for the first time in nearly 3 weeks. BTC is trading above $55,000, and ETH is moving around $1,775.
In the last few years, the financial law enforcement agency has played an important role. In December 2020, SEC took Ripple to file a case against the exchange because they were selling unlicensed securities through their coin XRP. Jay Clayton took a strong move on Cryptocurrency assets. He is the former Chairman of the SEC. When he left the office, the crypto market saw a $50billion sell-off.
Gary Gensler brings hope for mass crypto adoption
Now, with the appointment of Gensler, the traders are hopeful of his actions and love towards cryptocurrencies and believe that he will be beneficial for changing the overall ecosystem in the US because of his innovative nature.
Gensler has a finance background and Carry extensive experience in financial markets. During 1997 and 1999, Gensler offered his services to Goldman Sachs and served as the Assistant Secretary of the Treasury for financial markets. During the presidential campaign of Hillary Clinton, Gensler served as a CFO for Clinton.
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