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The Senate confirmed Gary Gensler as Chair of the SEC this month following his nomination by President Biden in February. Gensler was sworn into office on April 17, taking over from interim Chair Allison Lee.
Mr. Gensler served under former Democratic President Barack Obama as chair of the CFTC and is a former Goldman Sachs banker and a professor at MIT Sloan School of Management. Mr. Gensler most recently led President Joe Biden’s transition plan for financial industry oversight.
It is widely anticipated Mr. Gensler, who developed a reputation as being tough on Wall Street during his time at the CFTC, represents a pendulum swing in the opposite direction to the policy initiatives promoted and enacted during the Trump administration.
Mr. Gensler is also considered experienced and knowledgeable in the areas of blockchain technology and cryptocurrencies. In his confirmation hearings Mr. Gensler indicated he would pursue new regulations for cryptocurrencies, which he said can be a “catalyst for change.”