The Biden administration has appointed Gary Gensler to head the Securities and Exchange Commission.
The US Senate released the news of Gary Gensler’s nomination as Chairman of the Securities and Exchange Commission (SEC) following a vote that saw him prevail with 53-45 votes. Gensler was initially nominated by Biden’s administration on March 11, following a vote by the senate committee on banking, housing and urban development that resulted in Gensler’s favour 14-10.
Gensler, a now 63-years-old administrator is the most renowned financial regulator the Biden administration has appointed so far during his reign as president. Many in the financial space are excited about the appointment as the prominent financial expert has a track record of success.
His tenure officially terminates in June, however, he will serve the rest of his term with the current congress. Another separate vote for his five-year tenure is likely to called by Senate Democrats soon.
The former Goldman Sachs executive is set to concentrate resources of the SEC on climate change and the impending environmental crisis. This could possibly be without political resistance due to a 3-2 Democrat majority among the SEC commissioners, but does not suggest where this leaves regulation of cryptoassets.
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