Gary Gensler Becomes The New President Of The SEC! What Does It Mean For Bitcoin?

Gary Gensler Becomes The New President Of The SEC! What Does It Mean For Bitcoin?

On Wednesday, it was officially confirmed that Gary Gensler was the head of the U.S. Securities and Exchange Commission (SEC).

Gary Gensler, an American academic and former head of the Commodity Futures Trading Commission (CFTC), will now lead the regulator. It was approved by a vote of 53 to 45. Susan Collins, Chuck Grassley and enthusiastic Bitcoin advocate Cynthia Lummis are among the Republicans who voted to confirm Gensler.

What will Gary Gensler do for crypto space?

In a recent article, CNBC shared what duties would top U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler's “to-do” list.

Crypto assets, digital securities, Bitcoin ETF: these are all top of the list. As of 18:45 today, the Senate had begun voting in favor of or against Gensler.

Bitcoin ETF: a new hope

The authors of the paper believe that among the priority tasks Gensler will be interested in when he becomes SEC chairman are the long-awaited BTC ETF, as well as digital securities and digital assets.

The second is something the XRP community is looking forward to and hopes the SEC case against Ripple will be withdrawn.

Gensler taught courses on DLT and cryptocurrencies while a professor at the Massachusetts Institute of Technology (MIT). So hopes are high that a Bitcoin ETF will finally approve.

The ETF, as a commodity, is within the jurisdiction of the U.S. Commodity Futures Trading Commission (CFTC), but the Bitcoin ETF, as a securities, will still be under the control of the SEC. For the past eight years, the regulator has turned down requests to launch a BTC-based ETF. as we also reported recently, the largest Bitcoin fund, Grayscale, has confirmed that it intends to turn the Bitcoin Trust into a Bitcoin ETF.

Digital securities and assets

The assumption that Gensler will focus on crypto assets also stems from the fact that today Coinbase is directly listed on Nasdaq in a way that will allow it to enter traditional financial markets.

Michelle Bond, a senior adviser to the SEC, said::


Bond also believes Gensler, the new SEC Chairman, will likely focus on crypto exchange registration, protecting individual investors, regulation and combating fraud and manipulation.

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