President-elect Joe Biden has appointed a former chairman of the Commodity Futures Trading Commission (CFTC) to lead the financial transition team. The former chairman is a crypto enthusiast as he has followed developments in the industry over the past few years
Joe Biden has confirmed the appointment of Gary Gensler as chairman of the president’s financial transition team. This came after several reports a few days ago indicated that the Biden campaign viewed the Wall Street veteran as the leader of the prosecution.
Gensler is a Washington and Wall Street veteran who has closely followed developments in the cryptocurrency sector. He will lead the agency’s review of key financial institutions in the country, including the Federal Reserve, banking and securities regulators.
Biden and Gensler are no strangers as the latter served as a major financial regulator while Barack Obama served as President and Joe Biden as Vice President. Gensler has launched several financial market initiatives, most notably the derivatives rules following the 2008 financial crisis. His experience spans decades while serving at the Treasury Department during the Clinton administration.
Crypto enthusiasts are looking forward to the appointment
Gensler’s appointment has been approved in the cryptocurrency space. He became popular in the crypto space after several arguments in front of Congress about cryptocurrencies and blockchain. In 2018, the former CFTC chairman told Congress that cryptocurrencies and Ponzi schemes have nothing in common. He believed the United States should not rush to regulate the industry until it understands the basics of how cryptocurrencies work.
Last year, Gensler wrote in a testimonial that Facebook’s Libra coin met all of the requirements to be considered a security under US law. He also firmly believes that despite the intense battle between the cryptocurrency and regulators over the coin’s status over the past few years, XRP has been a security. Gensler has always been a strong believer in the blockchain as he sees the technology as a trailblazer for the global economy.
The US presidential election continues to make headlines around the world as incumbent President Trump has not yet conceded the election. President Trump has filed several lawsuits in several states to get the votes discounted for alleging irregularities in the process. However, the president and his team have yet to come up with enough evidence to support the claims.
Biden continued his preparation to lead the country, naming Gensler and hundreds of others as part of the Biden-Harris transition team yesterday. The selected people will evaluate the functions of the various agencies and ensure a smooth transfer of power over the next two months.