January 28, 2021

The new head of the SEC will be positive about cryptocurrencies

The new head of the SEC will be positive about cryptocurrencies

Gary Gensler, former head of the US Commodity Futures Trading Commission (CFTC) during the Obama presidency will be appointed to the role of chairman of the Securities and Exchange Commission (SEC). Reuters writes about this with reference to two sources familiar with the situation.

It is assumed that Gensler will receive an appointment in the administration of President-elect Joe Biden in the coming days. He was included in Biden's team in November shortly after the election ended.

Gensler has shown deep understanding in the pastissues related to cryptocurrencies and blockchain. He has spoken to Congress several times, where he covered this topic. Gensler refused to agree that cryptocurrencies are a pyramid scheme, and stated that the Diem stablecoin, formerly Libra, under American law, meets the characteristics of a security.

He made similar statements about XRP, the issuer of which Ripple was recently sued by the SEC for the sale of unregistered securities for $ 1.3 billion.

"Ripple is Making Significant Efforts to Drive the Value of XRP"“He said.

“Distributed applications on the blockchain canhelp jump-start multi-stakeholder networked solutions in areas that have historically been fragmented or impervious to change. Cryptocurrencies and blockchain have already brought about real changes and will continue to do so. ", - also wrote Gensler.

The new head of the SEC will be positive about cryptocurrencies

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