After many days and a lot of media noise, Gary Gensler, Biden’s pick for Chairman of the U.S. Securities and Exchange Commission (SEC), has been confirmed.
This, arguably, is much more than just a political decision as it could unleash a tidal wave of events for the crypto community. Fellow Gokhshtein writer Jim Duffy talk about this in a piece entitled “When The SEC Chairman knows blockchain?
Everything Happens Simultaneously
Mr. Gary Gensler is already a hotshot, not just any guy. He teaches a couple of classes on blockchain and cryptocurrencies at MIT. He even went so far as to say in his hearing that bitcoin and crypto brought a new way of thinking about payments and financial inclusion into the monetary space.
After a little over a month, he was confirmed by the Senate with a 53-45 vote in his favor. And this decision came on what was already a busy day as Coinbase’s initial public offering, bitcoin’s new all-time highs, Ethereum’s new all-time highs were all garnering tons of media attention.
And while it was an eventful day, what appears to lie ahead is far more exciting. In fact, it could define the near-term future of the U.S. crypto community.
Gensler, SEC, And The Future Of Cryptocurrency
Although Gary Gensler knows about cryptocurrencies and is a proponent of them, he is still a bit cautious. He says the public needs protections and guidance. And right now, he is the guy that will bring this to the forefront of government discussion.
In the meantime, his office has several cases involving the crypto space that should be interesting to watch.
On one hand, there are about eight bitcoin exchange-traded funds (ETFs) pending approval. If approved, this would further open bitcoin’s doors to the U.S. market.
The SEC will also address the lawsuit against Ripple. Questions remain around whether the SEC will accept defeat against Ripple Labs or exhaust an enormous amount of resources to bring clarity to the case? Only time will tell.
Regulations and New Horizons For Digital Assets
One thing is clear: Gensler will bring greater clarity to the crypto market. Or at least that’s his plan. In his March hearing, he made it clear that he would work with the commissioners to protect investors while moving advancements forward in the space at the fastest pace possible.
In today’s technological world, keeping up with the times can be a daunting task. In situations like this, having an open-minded person like Mr. Gensler can change everything in favor of innovation. For now, we can only let him do his job.