Today the incoming Biden administration confirmed that Gary Gensler is its pick to chair the Securities and Exchange Commission (SEC). The current MIT professor lectures on blockchain and digital currencies and is an advisor to the MIT Digital Currency Initiative.
As we previously wrote when it was rumored Gensler would be SEC Chair, the Commodity Futures Trading Commission (CFTC) former head has a track record of action and quickly introduced rules for derivatives after the 2008 financial crisis.
Combined with previous Congressional testimony on cryptocurrency and Facebook’s Diem (formerly Libra), he could significantly improve regulatory clarity for the sector.
Additionally, the Biden administration picked Rohit Chopra as the Director of the Consumer Financial Protection Bureau. He is a Commissioner on the Federal Trade Commission promoting fair and competitive markets.
Former Federal Reserve Chair Janet Yellen is the incoming Secretary of the Treasury.