President-elect Biden has finally decided on his nominee to head the Securities and Exchange Commission (SEC).

According to Reuters, Gary Gensler will be nominated by Biden to be the chairman of the SEC. During the Obama administration, Gensler was Chairman of the Commodity Futures Trading Commission (CFTC), as the man in charge of implementing many of the new provisions of the Dodd-Frank Act in the wake of the 2008 financial crisis.

Former CFTC Chairman Gary Gensler

Gensler spent most of that time as a Professor teaching blockchain and digital assets courses at MIT. If nominated, Gensler will be a very knowledgeable person in the crypto space to lead the SEC.

Former SEC Chairman Jay Clayton, who resigned in December, has been known to block ICOs during his tenure. Early in his tenure, the Commission released the DAO Report, which stated that digital assets could be securities and would therefore be subject to SEC jurisdiction.

Gensler has been at the forefront of financial policy on Biden’s transition team since shortly after Biden won the election in early November. There was a lot of speculation at the time about Gensler’s potential role. in the upcoming administration, with many anticipating taking over at the SEC.

Thach Sanh

According to Cointelegraph

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