Joe Biden Officially Elects Gary Gensler for SEC Chair!

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Gary Gensler, who has been one of the candidates for the US Securities and Exchange Commission (SEC) presidency, is now officially elected. It has been officially announced that Joe Biden, the new US president, will elect Gary Gensler as SEC Chairman.

Gary Gensler is now SEC Chairman

In the post published by Biden’s team, it was announced that Gary Gensler had been elected as SEC Chair. In his statement on the subject, Biden emphasized that he believes that the newly elected administrators will “make meaningful changes and continue to drive the country forward”.

Gensler is actually a name that the crypto money industry is quite familiar with. Gensler, who previously served as president of the CFTC, another financial regulator of the USA, also worked as a blockchain and crypto money instructor.

How will Gensler’s election affect XRP and ETH?

Gensler also taught various lectures on cryptocurrencies and blockchain at the Massachusetts Institute of Technology (MIT). In a statement in 2019, Gensler stated that “the cryptocurrency sector can be developed with good regulations”. Nevertheless, Gensler’s election as SEC Chair may create negative consequences, especially for XRP and ETH investors.

In his speech on April 23, 2018, Gensler stated that not only XRP but also ETH can be included in the security status. It is known that the SEC filed a lawsuit against Ripple before the end of 2020. Although Gensler’s tendency to the cryptocurrency industry is viewed negatively by XRP investors, it is possible to see an unexpected attitude. Famous lawyer Jake Chervinsky also drew attention to this issue and reminded that Gensler made a securities announcement for XRP.

Bitcoin ETF can be approved

Chervinsky also made an important statement regarding the Bitcoin ETF approval. In the statement made by the famous name days ago, the election of Gensler stated that the chance of approval of the Bitcoin ETF increased. Although more than 10 Bitcoin ETF applications were filed under Jay Clayton, none of them received approval.

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