January 28, 2021

Media: ex-CFTC head Gary Gensler will head the SEC

Media: ex-CFTC head Gary Gensler will head the SEC

Gensler, a former Goldman Sachs banker who chaired the Commodity Futures Trading Commission from 2009 to 2014, will replace Jay Clayton as Chairman of the US Securities and Exchange Commission (SEC).

According to political observers, his appointment could mean a sharp shift towards tighter Wall Street regulation and a more crypt-friendly attitude.

At CFTC, Gensler has created a regulatory frameworkfor derivatives and oversaw cases against investment banks accused of manipulation. He has built a reputation for himself to oppose the powerful interests of Wall Street.

Gensler was Chief Financial Officer for Hillary Clinton's 2016 presidential campaign. Since 2018, he has taught blockchain and digital currencies courses at the MIT Sloan School of Management.

Gensler has long supported cryptocurrencies andinnovative technologies. At the Massachusetts Institute of Technology's School of Management, he taught a course on the use of blockchain and bitcoin in financial systems. In 2018, he testified several times before Congress about blockchain and cryptocurrencies, refuting the comparison of Bitcoin to a pyramid scheme.

He also defended the critical projectFacebook, stating that Libra is compliant with US security and legal requirements. In December 2019, Gensler called Bitcoin a "catalyst for change" despite the asset's penchant for manipulation and fraud. He also said that blockchain and cryptoassets have already changed the global financial system.

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