As the Senate Committee approves of President Biden’s pick Gary Gensler for the post of SEC Chairman, for which he clears a key hurdle in the confirmation inching a step closer to lead the government agency. On March 10, the Senate Banking Committee voted to confirm Gary Gensler’s nomination in a 14-10 vote to forward Gensler’s nomination as SEC Chair in favor. Meanwhile, Allison Herren Lee will remain the acting chairwoman of the U.S. SEC until Gensler’s nomination clears the Senate.
Crypto Market Surges Following Gary Gensler Passing Senate Committee Vote
The Senate Committee on Banking, Housing, and Urban Affairs voted 14-10 to agree on President Joe Biden’s nomination to lead the Securities and Exchange Commission (SEC).
Republican Senators Mike Rounds of South Dakota, including Bitcoin-friendly senator Cynthia Lummis of Wyoming, joined all 12 Democrats supporting the nomination. By next week, the Senate will confirm Gensler’s nomination for a final vote.
Although the date for the final confirmation has yet to be announced, it’s possible that a confirmation vote could occur by the next week.
The cryptocurrency market cap reached $1.7 trillion, jumping by 3% following the Senate Banking Committee voting in favor of Gary Gensler as the Chairman of the Securities and Exchange Commission (SEC).
The vote follows Gensler’s March 2 confirmation hearing where he said that he will work on promoting innovation while adding that Bitcoin and other digital currencies brought new thinking to payments and financial inclusion.
He further said that crypto has undoubtedly been a “catalyst for change” in the payment system, creating new opportunities for financial inclusion and new issues of investor protection.
Gary Gensler Differs from Past SEC Chairman
Gensler has extensive experience in the financial markets. After becoming one of the youngest partners at a leading Wall Street investment bank, Gensler transitioned into a senior official in President Clinton’s Treasury Department. He even led the Commodity Futures Trading Commission (CFTC) under President Obama.
Known to be one of the most crypto-savvy SEC nominees, he currently lectures on blockchain technology, digital currencies, financial technology at MIT.