Legal & Regulation

Bitcoin Supporter Gary Gensler, Who Called XRP A ‘Security’ to Be Named SEC Chairman

Former Commodity Futures Trading Commission (CFTC) Chair Gary Gensler is expected to be named the Chairman of the US securities and exchange Commission by President-elect Joe Biden, reported Reuters.

Gensler has been leading Biden’s transition planning for financial industry oversight since November.

This is good news for the crypto market as Gensler, who was a blockchain professor at MIT, has shared crypto-friendly views.

“Gary Gensler deeply understands crypto & has strongly supported bitcoin for years. His selection as SEC chair signals a policy shift in favor of a bitcoin ETF,” said Jake Chervinsky, General Counsel at Compound Finance.

While bullish for the Bitcoin BTC 2.65% Bitcoin / USD BTCUSD $ 35,820.08
$949.232.65%
Volume 66.13 b Change $949.23 Open $35,820.08 Circulating 18.6 m Market Cap 666.23 b
11 s Bitcoin Supporter Gary Gensler, Who Called XRP A ‘Security’ to Be Named SEC Chairman 54 min Big Uptick in 1k BTC Addresses Shows Institutions Bought the Dip; Goldman Sachs says Still Just 1% of Institutional Money 2 h Bitwise Survey: Financial Advisors Expecting Bitcoin To Hit $100,000 By 2025 Increases By 275%
and board cryptocurrency market, this might not be that good for XRP XRP 1.70% XRP / USD XRPUSD $ 0.30
$0.011.70%
Volume 5.17 b Change $0.01 Open $0.30 Circulating 45.4 b Market Cap 13.79 b
11 s Bitcoin Supporter Gary Gensler, Who Called XRP A ‘Security’ to Be Named SEC Chairman 3 h Acting SEC Enforcer Leading Ripple Lawsuit to Step Down; XRP Fights to Stay on Exchanges 22 h Ripple Hires Former Amazon Executive As SVP Of Engineering to Strengthen Cross Border Payments
as he has publicly called it a security. Last month, the SEC sued Ripple and its two top executives for selling unregistered XRP security.

Gensler “went on record in 2018 saying there’s “a strong case” that XRP is a security, signaling no shift on that issue,” noted Chervinsky.



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