Gary Gensler gets Senate approval as Joe Biden’s SEC chairman

Gary Gensler has been officially confirmed as the chairman of the United States Securities and Exchange Commission (SEC).

He was approved by the U.S. Senate with a final tally of 53-45. Gensler did not face much opposition throughout the proceedings. Although Republicans made comments concerning the US capital markets as part of general objections to President Biden’s plans to include issues like climate change under the SEC’s purview, Gensler’s credentials were well acknowledged. Back in March, he received a 124-10 committee vote.

Speaking of his credentials, Gensler served as the chairman of the Commodity Futures Trading Commission during Obama’s era. As head of the agency, he spearheaded the implementation of the Dodd-Frank Act. Subsequently, he taught classes on blockchain technology and digital assets at MIT.

In the wake of his confirmation, the existing commissioners of the agency congratulated Gensler.

A warm congratulations to Gary Gensler on his Senate confirmation to become Chair of the SEC. He will be joining a dedicated staff that works tirelessly day in and day out on behalf of investors and our markets. We welcome him back to public service and look forward to working together to execute our vital mission.

Many crypto enthusiasts are hopeful that Gensler’s confirmation will positively influence the industry. Two pressing crypto-related issues that Gensler may have to immediately address are the ongoing legal battle with Ripple for selling unlicensed securities and the approval of a Bitcoin ETF on U.S. soil.