David Durand, Advisor, Innovation and Advocacy
September 9th, 2020
Traders Magazine | Shanny Basar | Jan 21, 2021
Gary Gensler has been nominated as chair of the Securities and Exchange Commission and his expertise in fintech and digital currency could lead to new regulatory approvals such as a Bitcoin exchange-traded fund.
Gensler is a professor of the practice of Global Economics and Management at MIT Sloan School of Management and co-director of MIT’s Fintech@CSAIL, which collaborates with industry and also senior advisor to the MIT digital currency initiative, researching artificial intelligence, blockchain technology, and new financial technologies.
Google searches for “Gary Gensler Bitcoin” jumped after his appointment was confirmed:
Gensler is a professor of the practice of Global Economics and Management at MIT Sloan School of Management and co-director of MIT’s Fintech@CSAIL, which collaborates with industry and also senior advisor to the MIT digital currency initiative, researching artificial intelligence, blockchain technology, and new financial technologies.
Google searches for “Gary Gensler Bitcoin” jumped after his appointment was confirmed:
MachinaTrader, part of Swiss fintech MachinaWare, said in a blog that
Gensler has supported cryptocurrencies, including telling Congress that Bitcoin was a “modern form of gold.”
“He also believes that Diem (formally Libra) meets the requirements for being classified as a security,” added MachinaTrader. “However, Gensler is also aware that the asset class is rife with vulnerabilities, scams, and manipulation.”
Jake Chervinsky, co-chair of the decentralized finance (DeFi) group at the Blockchain Association, said
the SEC could approve a bitcoin exchange-traded fund.
Dennis Kelleher, president and chief executive of Better Markets, said: “Based on years of working closely with Gary at the CFTC, when he fought valiantly and relentlessly to enact the Dodd-Frank financial reform law...
We know Gary will fulfill the SEC’s mission to prioritize investor protection, promote U.S. capital markets and facilitate capital formation for the productive economy. In stark contrast to the prior chairman, Gary will actually look out for Mr. and Mrs. 401k and Main Street investors, not use them as PR cover for an anti-investor agenda.”
Want to know, what the incoming SEC Chairman Gary Gensler thinks about cryptocurrency?
Check out: coindesk.com/ex-cftc-chair- Especially his remarks regarding Ripple and Ethereum give some food for thought.
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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