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Ever since news emerged that Gary Gensler could be the new chairman of the SEC, crypto enthusiasts and analysts have praised this initiative as they see it as a big plus to the industry.
During yesterday’s confirmation hearing for the post of the chairman of the Securities and Exchange Commission (SEC) Gary Gensler – the nominee for the position – said that “cryptocurrencies have been a catalyst for change.” He made this statement while responding to questions from members of the Senate on how Congress and the regulatory body can collaborate to create “a more forward-thinking” business environment for the burgeoning crypto industry.
Gensler made references to his time as a lecturer at the Massachusetts Institute of Technology noting that “Bitcoin and other cryptocurrencies have brought new thinking to payments and financial inclusion, but they’ve also raised new issues of investor protection that we still need to attend to.” He also went on to add that he would be working with other commissioners to promote innovations while keeping an eye on investors’ protection. According to him, he would “promote technology but still stay true to our core values of investor protection and capital formation.”
Ever since news emerged that Gary Gensler could be the new chairman of the SEC, crypto enthusiasts and analysts alike have praised this development as they see it as a big plus to the industry. Many of them believe that having a “pro-crypto” individual at the helm of the affairs of a regulatory body like the SEC would lead to more clarity and regulations that would favor the growth and adoption of the industry.
Notably, the commission is embroiled in a litigation battle against Ripple over its widely applied crypto asset, XRP, which it alleges is a security. Gensler also shares the view of the commission and was once quoted to have said that he thinks the token is also a security as far back as 2018.
Previously, the one-time chairman of the Commodity Futures Trading Commission (CFTC) during President Obama’s administration once criticized the payment infrastructure in the country. He highlighted the fact that cryptocurrencies have been able to show the deficiencies of the current system. Gensler also served as an adviser to President Biden during his campaign.