Gary Gensler to be named new SEC chair, Reuters reports

Crypto-savvy Gary Gensler is expected to be named the new chairman of the U.S. Securities and Exchange Commission (SEC). According to a report by Reuters, the new chairman will replace Elad Roisman in the coming days.

Gensler was the former chairman of the Commodity Futures Trading Commission during the Obama era. He was appointed to join Joe Biden’s transition team back in November shortly after the U.S. presidential election.

It is still unclear how the new chair will steer the affairs of the U.S. watchdog. So far, Gensler has not openly come out to either endorse or criticize cryptocurrencies. He has however recognized blockchain technology as one that uncovers some of the underlying problems in the U.S. payments industry.

As per his portfolio, Gensler is an MIT Sloan Business School professor. He was also the former chief financial officer spearheading Hillary Clinton’s presidential campaign.

If nominated and appointed, Gensler could introduce stringent crypto policies that might stifle growth. Alternatively, the upcoming chair could play a key role in pushing for the adoption of digital assets. One primary area that is of concern is Bitcoin ETF. Gensler might eventually become the chair that approves Bitcoin ETFs, given renewed efforts by VanEck to launch one in the U.S.

Another area of concern is whether or not Gensler will follow through with the lawsuit against Ripple.