🕵️♀️ The head of the SEC (Securities and Exchange Commission) who took office back in April 2021, a figure in the financial and banking sector is far from new, and is distinguished by a sufficient degree of professionalism and categoricalness in relation to various financial and regulatory issues.
With the arrival of Gensler to the post, someone was delighted, 😊 someone, on the contrary, grabbed his head. Gensler spoke positively on the issue of cryptocurrencies, called Bitcoin a commodity, complained that cryptocurrencies made financial services more accessible to people and raised new questions about protection investors. His arrival was generally accompanied by positive expectations for the cryptocurrency market. 🙏
💎 What is Gary Gensler famous for:
Gary Gensler is a former American investment banker and government official. Gensler previously led the group on analysis of the Federal Reserve, the banking sector and the securities regulator. He is also a professor of practice at the Sloan School of Management at MIT.
Gensler served as 11th Chairman of the Commodity Futures Trading Commission under President Barack Obama, was Deputy Treasury Secretary for Domestic Finance (1999-2001) and Assistant Secretary of the Treasury for Financial Markets (1997-1999). Prior to his career in the federal government, Gensler worked for Goldman Sachs, 💰 where he was a partner and co-head of the finance department. He held this post for 18 years. Gensler also served as Chief Financial Officer for Hillary Clinton's 2016 presidential campaign.
It is important for us to understand that Gensler will hold the post of head of the SEC until 2026. 🔥 This means that the degree of participation of the SEC in the cryptocurrency market will be determined to a greater extent by Gary.
💎 What statements have already been made by Gensler:
✅ 1) Urged Congress to expand the SEC's powers to regulate cryptoasset transactions;
✅ 2) According to him, most of the cryptocurrencies are securities and should come under the supervision of the SEC;
✅ 3) Stablecoins should be regulated by the SEC (according to him, they are like chips in a casino for playing poker) and decentralized financing platforms;
✅ 4) Protect investors from speculation and manipulation in this volatile and growing sector;
✅ 5) Many tokens are traded as assets and must fall under the jurisdiction of the SEC, which already has significant powers over digital assets;
✅ 6) Does not plan to object to the creation of bitcoin exchange-traded funds (ETFs, exchange-traded funds). He considers it possible to open an ETF that obeys strict fund rules and is focused on bitcoin futures, and not on the cryptocurrency itself.
So far, these are all statements. 🤷🏻♂️
🎭 Recall that just a month ago, the SEC threatened to sue Coinbase for launching a cryptocurrency lending product LEND. And this is already in the new era of Gary Gensler.
Perhaps this is the continuity of the system, perhaps already the decisions of the new leader.