President-elect Biden ultimately chose his candidate for the head of the Securities and Exchange Commission.
At least according to Reuters anonymous supply in a Tuesday report, Gary Gensler will be Biden’s candidate for the SEC chairman. During the Obama administration, Gensler was Chairman of the Commodity Futures Trading Commission, in that capacity he was responsible for enforcing the many new provisions of the Dodd-Frank Act that followed the 2008 financial crisis.
Gensler has spent most of the Trump years at MIT, teaching courses in digital assets and blockchain. If he is appointed, there is no doubt that a now Democratic-controlled Senate would be ready to confirm it. Gensler would probably be the most crypto-savvy person to run the SEC.
Former SEC Chairman Jay Clayton, who stepped down in December, was known for his initial coin offerings throughout his tenure. It was early in its tenure that the commission released its DAO report, its first statement that digital assets could be securities and therefore would be subject to SEC jurisdiction.
Gensler has been a financial policy leader on Biden’s transition team since shortly after Biden’s election victory in early November. There was a lot of speculation at the time about Gensler’s potential role in the coming administration, with much predicting the SEC.