- The US senate appointed Gensler as chairman of SEC on Saturday.
- His stance on crypto is important for the digital currency industry.
- SEC Commissioner Hester Peirce hopes Gensler works on building a regulatory framework for cryptocurrency.
On Saturday, Gary Gensler was sworn in as chairman of the Securities and Exchange Commission (SEC). President Joe Biden nominated Gensler to manage the SEC on February 3. The Senate confirmed him on Wednesday.
His name has been popping up in the crypto market ever since he was first nominated. His stance on digital currencies will largely determine the future for crypto in the US.
During his swearing-in by Sen. Ben Cardin, D-Md., in Baltimore, Gensler said:
“I feel incredibly privileged to join the SEC’s team of remarkable public servants. As Chair, every day, I will be animated by our mission: protecting investors, facilitating capital formation, and promoting fair, orderly, and efficient markets. It is that mission that has helped make American capital markets the most robust in the world.”
Commissioner Hester Peirce said in a video that she hopes to work with Gensler on building a regulatory framework for crypto. Other than that, she noted that Gary comes to the SEC with much experience, specifically in regulation. She referred especially to his teaching of blockchain and finance at MIT.
Peirce added that with Gary’s combination of capital market regulation knowledge as well as of cryptocurrency, they should be able to build an excellent regulatory plan.
In addition, Gensler worked as chairman of the Maryland Financial Consumer Protection Commission from 2017 to 2019. At the same time, he led the Obama administration’s reform of the $400 trillion swaps market.
Further, Gensler worked at Goldman Sachs, and he specialized in the Mergers & Acquisition department. Along with that, Gary managed the firm’s Media Group, led fixed income and currency trading in Asia. Also, he was co-head of finance, accountable for the firm’s global controllers and treasury efforts.