Former CFTC Chair Gary Gensler Named To Be New SEC Lead by Joe Biden
On Jan 13, 2021
The chairman of the US Securities and Exchange Commission (SEC) changes again. President-elect Joe Biden has finally decided on his nominee to head the SEC. According to recent news, Joe Biden will name crypto enthusiast Gary Gensler as SEC chairman in the new term. It is believed that the new SEC chairman, who is well-versed in cryptocurrencies, will have a positive impact on the cryptocurrency market. Now investors are wondering how this development will affect the case against Ripple (XRP).
Gary Gensler is a name that occasionally makes statements about Bitcoin and cryptocurrencies. Reuters announced that financial regulator Gary Gensler, who had a successful performance during the 44th US president Barack Obama term, will be appointed SEC chairman in the coming days.
Gensler was as chairman of the Commodity Futures Trading Commission (CFTC) during Obama’s term. As president of the CFTC, he served as a key financial regulator and was closely involved in clearing up the 2008 Financial Crisis. He also spearheaded the new derivative rules after the crisis and served in the Treasury Department during the Clinton administration. In November 2013, The Wall Street Journal called Gensler “a tenacious regulator who pushed for stricter rules governing the multitrillion-dollar derivatives market.”
Gary Gensler deeply understands crypto & has strongly supported bitcoin for years. His selection as SEC chair signals a policy shift in favor of a bitcoin ETF.
He also went on record in 2018 saying there’s “a strong case” that XRP is a security, signaling no shift on that issue.
— Jake Chervinsky (@jchervinsky) January 12, 2021
Supports Crypto Regulation
Gensler had extremely positive speeches about cryptocurrencies and blockchain technology, and he criticized fraud comparisons. In a Bloomberg broadcast he attended, he described Bitcoin as a pure asset and emphasized the need for protection.
“Cryptocurrency like Bitcoin needs more protection and regulation than oil.”
Stating that there should be a balance between cryptocurrencies and regulations, he said, it may take a few years for this balance to be established.
Bad News For Ripple Investors!
Looking at Gary Gensler‘s previous statement, it is clear that he mentioned that Ripple‘s native cryptocurrency XRP is a security. This situation deeply upset XRP investors who were waiting for positive news from the SEC. Gary Gensler will now chair the SEC’s case against blockchain company Ripple. For the San Francisco-based Blockchain startup, this announcement by Gary Gensler at the MIT conference signaling bad news.
“Ripple is doing a lot to advance the value of XRP.”
At the time of writing, Ripple is trading around $ 0.2966, down 0.95% in 24 hours. The cryptocurrency is facing strong resistance near $ 0.30.
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