Who President-elect Joe Biden selects to head the US Securities Exchange Commission (SEC) will have big consequences for the crypto sector in the US.
President Biden is now looking to tap Gary Gensler as chairman of SEC based on a statement released yesterday. A follow-up statement from Tuesday coincides with the previous announcement, and Gensler is the most likely person at the helm of the regulator.
So, what does this mean for cryptocurrencies and blockchain? It's probably a good thing, given that Gensler shows interest in both blockchain and crypto and has been teaching classes at MIT on these subjects.
In other words, Gensler is an industry insider who is not very likely to take an arbitrary approach to the adoption of currencies and blockchain.
Rather, Gensler will approach the matter with the same academic scrutiny he teaches his MIT classes, and this is precisely what the US needs.
China is already nearing a launch of its own currency and the hegemony of the US dollar as a reserve currency may be waning. It's in this context the country against which currency most of the world stockpile reserves must act.
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