The Presidential nominee to chair the Securities and Exchange Commission (SEC), Gary Gensler, who is a one-time chairman of the Commodity Futures Trading Commission (CFTC) has described cryptocurrencies as a catalyst for change. He made this statement in response to a question asked during his confirmation hearing before the Senate of the United States.
According to Gensler, “these innovations have been a catalyst for change. Bitcoin and other cryptocurrencies have brought new thinking to payments and financial inclusion, but also they’ve also raised new issues of investor protection that we still need to attend to,” while also making references to his time as a lecturer in MIT.
The SEC chair nominee also went ahead to promise to prioritize protection of investors and work with other commissioners to promote innovations. In his words, he would seek to “promote technology but still stay true to our core values of investor protection and capital formation.”
The nomination of Gensler finally means that someone who is familiar with the digital assets industry is finally at the forefront of a regulatory body that deals with the space. In the past, the former MIT lecturer had pointed out how cryptocurrencies show the weaknesses in the United States’ payment infrastructure. He served as an adviser to President Biden during his presidential campaign and was officially nominated for the role in January.