The 2020 U.S. Presidential Election results came out a few days ago and it seems that the new U.S. President Joe Biden has already come into action. President Biden recently added Gary Gensler, former chairman of Commodity Futures Trading Commission (CFTC), to its financial policy transition team. He will be the one leading the whole team.
This was revealed by the announcement on November 10, where Gensler himself volunteered for this position in the transition team. He will be responsible for the smooth transition along with the Federal Reserve and several regulators.
Gary Gensler Also Known as Crypto-Savvy
Gensler has served as the chairman for CFTC under the tenure of former President Barack Obama. During his tenure, he is well-known as a strict regulator and was looking after the reforms to the $400 trillion derivatives market. He was also recently posted as a professor at MIT and there he became quite popular among the crypto community. He was also popularly known as a crypto-savvy person who is looking for better regulations for the crypto and blockchain market.
Gensler believes that for Bitcoin to grow properly and further its adoption, there is a need to enhance the regulations. This will also help the investors to be protected from market manipulation that keeps coming up.
Initial Coin Offerings Might be Considered Securities
Moreover, it is revealed that Gensler has also suggested considering Initial Coin Offerings (ICO) as securities. This will help them to come under the light of the U.S. Securities and Exchange Commission. Along with his post at MIT and recent addition to the transition team, he is also a senior advisor at the MIT Media Lab’s Digital Currency Initiative. Most of the crypto community is seeing this decision as a plus point for the crypto industry. They are hoping that within the tenure of President Biden, the crypto industry will flourish to its best.