The US Senate confirmed Gary Gensler, who was nominated to the position by President Joe Biden in January, as chairman of the SEC.
April 15, 2021 | AtoZ Markets – Voting mainly on party lines, the US Senate confirmed the appointment of Gary Gensler to chair the Securities and Exchange Commission (SEC).
In a 53-45 vote on Wednesday, Senate members confirmed the former president of the Commodity Futures Trading Commission (CFTC), to head the Securities and Exchange Commission. Gensler, a professor at MIT Sloan School of Management, offered to join the team of then-president-elect Joe Biden as a financial expert in November. Biden announced that the former CFTC was his choice to chair the SEC shortly before his inauguration in January.
During his confirmation hearings with the Senate Banking Committee last month, Gensler was apparently evasive about whether to implement changes to the SEC’s policy on cryptocurrencies. However, he said he supported some of the agency’s previous decisions, such as the exclusion of Bitcoin (BTC) from the committee’s regulatory control.
“Bitcoin and other cryptocurrencies brought a new way of thinking about financial planning and investor inclusion,” said Gensler at the time. “I would work with other commissions to promote the new innovation, but also, in the end, to guarantee investor protection. If something were a security, for example, it is under SEC security regulations.”
Gensler served as president of the CFTC under President Barack Obama from 2009 to 2014. He was known as a strict regulator during his time as head of the CFTC, overseeing reforms in the $ 400 trillion financial derivatives market.
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