$ 40,117
$ 2,305.3
$ 139.88
okex ads

Former CFTC chief joins Joe Biden’s transition team

President-Elect Joe Biden has announced the appointment of former Commodity Futures Trading Commission (CFTC) chair Gary Gensler to his transition team, in a move that could benefit the role of digital currency and blockchain sectors.

The former CFTC chief will join the transition team as a financial expert, with the remit to oversee transition with the Federal Reserve and several financial and banking regulators.

Gensler joins in the capacity of ‘Volunteer,’ which puts his involvement in a personal rather than professional capacity. As a result, his source of funding is listed as ‘Volunteer’ within the transition team lineup.

The appointment comes amid a raft of hires for the transition team, as the President-Elect continues to piece together his staff for handling the transition of power.

Gensler was appointed in the Obama era to oversee the CFTC, serving from 2009 to 2014. Renowned as a stringent regulator at the CFTC, Gensler was the driving force behind significant reforms in financial derivatives, a market worth $400 trillion.

Gensler has previously said digital currencies require a regulatory structure in order to reach their full potential, suggesting this would also benefit investors in the case of market manipulation, as well as solving problems like the loss of private keys.

He has also previously suggested initial coin offerings (ICOs) should be regulated as securities, which would bring them under the regulatory auspices of the U.S. Securities and Exchange Commission (SEC), subject to the same rules as IPOs and other securities issuances.

Alongside his appointment to the transition team, Gensler currently serves in a senior advisory capacity to MIT Media Lab’s Digital Currency Initiative, a project for researching blockchain and digital currency development.

The appointment will be welcomed by the digital currency sector, and suggests the new administration could be more open to a regulatory approach to blockchain and crypto businesses.

Related Posts

Leave a Reply


Subscribe To Newsletter

For updates and exclusive offers, enter your e-mail below.

Popular Posts

Allied Payment Network Allies with NYDIG to Enable Customers to Buy, Sell, Hold Bitcoin (BTC)
July 29, 2021By
Aave (AAVE) Launching DeFi Pools for Institutional Investors
July 28, 2021By
Nigerian Central Bank Stops Forex Sales to Bureaus de Change — Operators Accused of Feeding Black Market
July 28, 2021By


Video Posts

Impact Of Technology On 4.0
July 6, 20210
Importance Of Cryptography
July 3, 20210

Crypto Stats

CryptoCurrencyUSDChange 1hChange 24hChange 7d
Bitcoin40,117 0.68 % 0.98 % 23.88 %
Ethereum2,305.3 0.55 % 0.45 % 15.05 %
Tether1.000 --- 0.19 % 0.05 %
Binance Coin314.69 0.63 % 0.29 % 7.09 %
Cardano1.280 0.69 % 1.29 % 8.60 %
XRP0.7100 0.94 % 3.52 % 23.75 %
USD Coin1.000 0.23 % 0.13 % 0.56 %
Dogecoin0.2094 0.81 % 0.12 % 9.29 %
Polkadot14.83 0.47 % 2.67 % 19.56 %
Binance USD1.000 0.25 % 0.00 % 0.46 %

You have not selected any currencies to display