Today Gary Gensler, Biden’s pick to Chair the U.S. Securities and Exchange Commission (SEC) had his Senate confirmation hearing. When it comes to digital assets, he believes most regulations should be technology neutral. He seemed to embrace cryptocurrency as a positive catalyst for change elsewhere. And cryptocurrency exchanges might need to watch out because he mentioned them more than once with respect to investor protection.
In response to a question from Senator Toomey, Gensler seemed open to discussing shortening equity settlement times, without making any commitments. That could encourage blockchain adoption for post-trade settlement.
Senator Bill Hagerty noted the regulatory challenges when technology changes rapidly and addressed digital assets specifically. “Using a Tennessee terminology, you don’t want to be shooting where the rabbit was,” observed Hagerty.
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