Biden to Name MIT Professor to Head Next SEC Chairman

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

This news has not been fully confirmed yet, however, anonymous sources point to the fact that the next U.S. president will indeed put this long-term MIT professor as the head of the SEC.

Previously, Gary Gensler was the head of the U.S. Commodity Futures Trading Commission, CFTC. When he served as the head of the CFTC, he succeeded in adding new addendums to the Dodd-frank law, which has been enacted since 2018 after the economic crisis.

Throughout the administration of president Donald Trump, Gary Gensler spent most of his time teaching Blockchain and digital asset courses at MIT.

As was previously mentioned, this news is yet to be fully confirmed. However, if and when Gensler is chosen to be the chair of SEC, he will become the first chairman most associated with the world of cryptocurrencies and Blockchain. As such, his period at the SEC could potentially be very positive for the crypto market.

Jay Clayton served as the previous chairman of the Securities and Exchange Commission, however he was let go from this post in late 2020. The popular opinion about his period at the SEC is that he helped the crypto world a lot, since he proposed the fact that digital assets could come under the purview of SEC regulations, and also that SEC would be in charge of observing and overseeing such assets.

After the 2020 presidential election was won by Joe Biden, he put Gensler in charge of overseeing the financial aspects of the power transfer between the two coming and going administrations. As such, may believe he is going to have a role in the new federal government and that he will be in charge of the SEC as its chairman.