Did you hear a few days ago that former CFTC Chairman Gary Gensler could be the next SEC Chairman? Well, now it is confirmed that he will replace Jay Clayton as director of the US Securities and Exchange Commission.
Gary is a seasoned Wall Street investor who has a keen interest in cryptocurrencies. His interest in the space has provided him with enough knowledge to teach Blockchain courses at the Massachusetts Institute of Technology (MIT). During his time as president of the CFTC, he was known for his strict implementation of regulatory policies.
His appointment as director of the SEC is a welcome development for most of the cryptocurrency community, primarily due to his knowledge and appreciation of the space. However, for some players in the space, it may not be the best development as it has indicated their determination to clean up the crypto space by cracking down on "unregistered securities."
As Crypto Report reported, Gary says there may be more unregistered securities, like XRP, that the SEC should look for. He also mentioned that large exchanges like Coinbase need to be under federal regulatory oversight to increase the trust of their clients, as this is the only way cryptocurrencies can go mainstream.
Prominent members of the crypto community have expressed confidence that Gary will do well as SEC chairman and, unlike Jay Clayton, will give cryptocurrencies the attention the industry deserves.
“It is good to have a former banker who is smart enough to recognize the value of Bitcoin and other cryptocurrencies to generate wealth and value in society. He will understand the importance of enabling innovation, while keeping an eye on banks that might attempt to restrict trade by blocking the use of a superior currency, ”billionaire venture capitalist and crypto investor Tim Draper said of his nomination.
With Gary at the SEC, many more cryptocurrency projects may face Ripple's fate with the ongoing lawsuit from the SEC.