Senate Confirms Gary Gensler as Next SEC Chief
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It’s official: Gary Gensler is the new chair of the Securities and Exchange Commission (SEC), after a 53-45 vote by the U.S. Senate on Wednesday.
Gensler, who was nominated to the position by President Joe Biden in January, previously ran the federal Commodity Futures Trading Commission (CFTC), overseeing the implementation of new regulations around derivatives in the wake of the 2008 financial crisis. As SEC Chair, he’ll have ample opportunity to shape regulations addressing the cryptocurrency industry – or determine how existing regulations should apply.
“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,” Gensler said during a confirmation hearing held by the Senate Banking Committee last month. “If confirmed at the SEC, I’d work with fellow commissioners to both promote the new innovation, but also at the core to ensure investor protection.”
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