MIT Professor to be the Next SEC Chairman

Last Modified:7 Feb 2021 18:18:08
MIT Professor to be the Next SEC Chairman

The president-elect of United States, Joe Biden, has chosen MIT professor Gary Gensler to be the next chairman of the Securities and Exchange Commission, SEC.

The news comes out as anonymous sources are announcing that Joe Biden has chosen this long-term professor of the Massachusetts Institute of Technology to become the chairman of SEC.

Gary Gensler has previously served as chair for the U.S. Commodity Futures Trading Commission, CFTC. Among his prominent moves as the head of the CFTC was adding new addendums and amendments to the Dodd-frank law, which was put in place after the economic crisis of 2018.

However, during the presidency of Donald Trump, Gensler was mostly just engaged in teaching Blockchain and digital asset courses at MIT.

There are still doubts with regard to the authenticity of this news. But if the rumors are true, Gensler is the closest person to the world of digital currencies who has ever served as the chairman of the SEC. Therefore, his period as chair could really ameliorate the legal challenges faced by the crypto market.

Previously, Jay Clayton had served as the chairman for the Securities and Exchange Commission. But he was relieved of his duty late 2020. Many believe that he took some very helpful measures for the crypto market and Blockchain, since early during his period as chair, he announced that digital assets could potentially come under the purview of SEC regulations. This was done when he released the DAO report.

Additionally, Jay Clayton had stated that if digital assets come under the purview of SEC regulations, this commission will also be in charge of observing and overseeing such assets.

joe biden to name gary gensler

After Joe Biden won the presidential election of United States, Gensler was put in charge of overseeing the financial aspects of power transfer. Ever since then many speculations have been made regarding his role in U.S. government, and many expect his to become the next chairman of the SEC.