Will Gary Gensler at SEC be Good for Crypto?

January 27, 2021 Blockchain, Crypto, Digital Assets Regulations, Blockchain, Crypto, Digital Assets, Tokens, Meta, FinTech and Alternative Finance, Fintech International, Fintech Opinions, Legal Issues and Regulation, Stories, Venture funding Best Practices, Voices No comments

Traders Magazine | Shanny Basar | Jan 21, 2021

Gary Gensler - Will Gary Gensler at SEC be Good for Crypto?

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.

See: The four contenders to be Joe Biden’s SEC chair

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.

See: Brookings Event: Climate change and financial market regulations: Insights from BlackRock CEO Larry Fink and former SEC Chair Mary Schapiro

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.

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