Analysis

President-elect Joe Biden may name former Commodity Futures Trading Commission Chair Gary Gensler to become Deputy Treasury Secretary, CNBC reported Wednesday.

Gensler, who is currently heading up Biden’s financial oversight transition team, would report to former Federal Reserve Chair Janet Yellen, Biden’s reported nominee for the top spot at the Treasury Department. He is perhaps best known for his work developing derivatives rules in the wake of the 2008 financial crisis under former President Barack Obama, but has experience working in the Treasury Department, as an assistant secretary for financial markets in the late 1990s.

It’s unclear how federal regulators might approach the crypto space under a Biden administration. His picks for key administration positions so far include Yellen and Roger Ferguson as his National Economic Council director, according to CNBC. However, their top priority is likely to be addressing the economic impact of the ongoing COVID-19 pandemic.

Gensler brings a deep understanding of the cryptocurrency space, saying in 2018 that, “I’m an optimist, I want to see this technology succeed, it is in essence about the plumbing of the financial system and it’s a new technology that can really enhance the financial system.”

Others with significant familiarity with cryptocurrency on Biden’s transition team include MIT Professor Simon Johnson, Georgetown University law professor Chris Brummer, University of California – Irvine School of Law professor Mehrsa Baradaran and Columbia University law professor Lev Menand.

Each of these individuals has weighed in on the potential benefits or complications of using cryptocurrencies for various issues.

Gensler did not return a previous request for comment.

Products You May Like

Articles You May Like

January 22nd Bitcoin Cryptocurrency Market Update Plus More Trade Tips
IS BITCOIN ABOUT TO DUMP $10,000?!!!!! 💥 – (BE PREPARED!!!)
Make The MOST Money Trading Bitcoin (Crypto Leverage Trading Explained)
How I Would Invest $1,000 in Cryptocurrency in 2021?
IS BITCOIN ABOUT TO DUMP TO $27,000!!!! 💥 – (WATCH THIS!!!)

Leave a Reply

Your email address will not be published. Required fields are marked *