Former head of the US Commodity Futures Trading Commission (CFTC) during the Obama presidency, Gary Gensler, will be named 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 a deep understanding of cryptocurrency and blockchain-related issues in the past. He has spoken to Congress on several occasions, where he covered this topic. Gensler refused to agree that cryptocurrencies are a pyramid scheme, and stated that the Diem stablecoin, formerly Libra, meets the characteristics of a security under US law.
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 increase the value of XRP,” he said.
“Distributed blockchain applications can help jump-start multi-stakeholder networking solutions in areas that have historically been fragmented or immune to change. Cryptocurrencies and blockchain have already brought about real change and will continue to do so, ”Gensler also wrote.