Gary Gensler To be Chairman of the Securities and Exchange Commission
By Ollie H - Crypto Consultant - 16-04-2021
Gary Gensler has been appointed chairman of the Securities and Exchange Commission by the Biden administration.
The SEC will make recommendations on climate change and environmental issues. What does the future hold for Bitcoin (BTC) and other digital assets now that Gary Gensler is in charge? This week, the US Senate approved Gary Gensler's appointment to lead the SEC by a vote of 53-45. Biden's administration initially nominated Gensler on March 11, following a 14-10 vote by the Senate Committee on Banking, Housing, and Urban Development.
The 63-year-old administrator is the most influential financial regulator named by the Biden administration so far. Many in the industry are thrilled with the selection because the renowned financial analyst has a proven track record of success.
His term officially ends in June, but he will continue to serve for the remainder of the current Congress. Senate Democrats are expected to schedule a separate vote on his five-year term shortly. The former Goldman Sachs executive will address the Securities and Exchange Commission about climate change and the impending environmental crisis. This is now possible due to the SEC commissioners' 3-2 Democratic majority.
With recent Wall Street trends, as well as the public's views on concentrated finance and the activities of hedge fund managers, confidence in the SEC is diminishing.
With Gensler's confirmation, people are already thinking about tightening controls on Wall Street and other financial institutions in the market. Many people expect the seasoned administrator to rein in Wall Street's flaws. Gary Gensler served as Assistant Secretary of Financial Markets from 1997 to 1999 and as Secretary of Domestic Finance from 1999 to 2001.
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