Last night the Wall Street Journal reported that Gary Gensler is expected to become the next Chairman of the Securities and Exchange Commission (SEC). The news is not yet official. Currently, an MIT professor who gives lessons on blockchain and money, Gensler previously worked at Goldman Sachs and has regulatory experience as former Chairman of the Commodity Futures Trading Commission (CFTC) until 2014.
Gensler is a proponent of blockchain, but previous congressional testimony indicates he may not be a soft touch regarding cryptocurrencies. However, he is very likely to push for regulatory clarity for digital assets. At the CFTC, Gensler quickly introduced post-crisis rules for the derivatives sector, which surprised some, given his Goldman background.
At MIT, Gensler is also an advisor to the Digital Currency Initiative, and MIT is also working with the Federal Reserve Bank of Boston to build and test a hypothetical central bank digital currency (CBDC).
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