MIT Blockchain & Crypto Course Prof, Gary Gensler, Confirmed as the SEC Chairman by US Senate

MIT Blockchain & Crypto Course Prof, Gary Gensler, Confirmed as the SEC Chairman by US Senate

Gary Gensler has been finally confirmed as chairman of the Securities and Exchange Commission (SEC) after a 53-45 vote by the Senate on Wednesday, the day the crypto and traditional markets are all eagerly awaited the Coinbase listing on Nasdaq.

Gensler, chosen for the nation’s top financial regulator by US President Joe Biden, began his career as a banker at Goldman Sachs. He previously also served as chairman of the Commodity Futures Exchange Commission (CFTC) and implemented new rules around derivatives in the aftermath of the 2008 financial crisis.

As SEC Chair, not only Gensler will play a key role in enforcing and drafting rules that govern Wall Street but will also be shaping the regulations addressing the crypto industry.

The crypto market has high hopes from Gensler, even SEC Commissioner Hester Peirce said in a public statement that with the new chair, this

“is the perfect time for the Commission to consider afresh how our rules can be modified to accommodate this new technology in a responsible manner.”

Gensler, who has taught about blockchain and cryptocurrency at MIT, said last month during his confirmation hearing that he will work on promoting both innovation and investor protection in the sector. At the time he had said,

“Bitcoin and other cryptocurrencies have brought new thinking to payments and financial inclusion, but they’ve also raised new issues of investor protection that we still need to attend to.”

The crypto market is also expecting good news regarding a Bitcoin ETF approval under his chairmanship.

“I think digital assets will be his legacy,” Michelle Bond, a former senior counsel at the SEC who is now CEO of the Association for Digital Asset Markets told CNBC.

“This is a global phenomenon. He is going to focus on registration of exchanges, regulation, retail protection, and he will be looking to root out fraud and manipulation.”

“This is a man who created a regulatory framework for swaps, and he has all the expertise to create a firmer regulatory framework for digital assets.”

Read Original/a>
Author: AnTy

SEC Chair Nominee Gary Gensler says Bitcoin & Crypto’s are ‘Catalysts for Change’

SEC Chair Nominee Gary Gensler says Bitcoin & Crypto’s are ‘Catalysts for Change’

But at the same time, they also raise new issues of investor protection, said Gary Gensler during his confirmation hearing.

During the Senate confirmation hearing for Gary Gensler on Tuesday, President Joe Biden’s nominee for chairman of the US Securities and Exchange Commission (SEC) said ensuring that cryptocurrency markets are free of fraud and manipulation is a challenge.

Gensler has previously served as a Commodity Futures Trading Commission (CFTC) chairman during the Obama administration. He has been viewed as a strong advocate for crypto assets as Gensler has served as a senior advisor to the MIT Media Lab Digital Currency Initiative and even taught about blockchain technology.

During his confirmation hearing, Gensler suggested that more regulatory oversight could be coming crypto’s way while hinting that it will depend on which form of crypto is under discussion.

While the SEC should promote innovation in the cryptocurrency space, if securities are being traded on exchanges, “we want to ensure that there’s appropriate investor protection,” he said.

“It’s important for the SEC to provide guidance and clarity.”

“Sometimes that’s a clarity that will be a thumbs up, but even if it’s thumbs down, it’s important to provide that.”

Back in 2018, at a conference, Gensler said there is a “strong case” that digital assets created and issued by companies are likely to violate securities law.

The agency has said that Bitcoin and Ether are not securities and is suing Ripple, alleging that it broke laws with its unregistered digital asset securities offering.

As the head of the SEC, Gensler would be in charge of cryptocurrencies deemed securities.

“Bitcoin and other cryptocurrencies brought new thinking to payments but raised new issues of investor protection we still need to attend to,” Gensler told lawmakers, describing them as “catalysts for change.”

Read Original/a>
Author: AnTy

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

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 7.35% Bitcoin / USD BTCUSD $ 37,348.49
$2,745.117.35%
Volume 69.69 b Change $2,745.11 Open $37,348.49 Circulating 18.6 m Market Cap 694.67 b
2 h German Police Shut Down Dark Market that Facilitated $170 Million in Cryptocurrency Transactions 4 h Bitcoin Supporter Gary Gensler, Who Called XRP A ‘Security’ to Be Named SEC Chairman 4 h Big Uptick in 1k BTC Addresses Shows Institutions Bought the Dip; Goldman Sachs says Still Just 1% of Institutional Money
and board cryptocurrency market, this might not be that good for XRP XRP 2.50% XRP / USD XRPUSD $ 0.31
$0.012.50%
Volume 4.87 b Change $0.01 Open $0.31 Circulating 45.4 b Market Cap 13.9 b
4 h Bitcoin Supporter Gary Gensler, Who Called XRP A ‘Security’ to Be Named SEC Chairman 7 h Acting SEC Enforcer Leading Ripple Lawsuit to Step Down; XRP Fights to Stay on Exchanges 1 d 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.

Gensler is a former Goldman Sachs banker and is prompting concerns among Wall Street firms of tougher regulation. In contrast, Jay Clayton, who left his SEC Chairman post on Dec. 23rd, a former Wall Street lawyer, was criticized by Democrats for his ties to many companies he was overseeing.

While the crypto market is looking to win some, it may lose some as well as it is speculated that the Acting Comptroller Brian Brooks, the former general counsel at crypto exchange Coinbase, might leave the top US banking regulators office this week.

During Brook’s term, OCC took a crypto-friendly approach, with the most notable one being allowing crypto companies to secure national banking charters. This Tuesday, Brooks also wrote about regulators needing to get ready for self-driving banks, aka decentralized finance (DeFi).

Read Original/a>
Author: AnTy

Former Goldman Sachs President Not a ‘Strong Believer’ in Bitcoin; It ‘May Fail’

Gary Cohn, former economic chief to Donald Trump, says Bitcoin may fail, despite the digital asset having more than a decade long history, growing adoption, and increasing value from mere cents to $19,550 today.

On being asked about his views on Bitcoin, which is on a tear, and how the digital asset and cryptocurrency fundamentally transform our economy, Cohn had the typical ‘love blockchain but hate bitcoin’ reply. Former Goldman Sachs President and Chief Operating Officer in an interview with Bloomberg on Tuesday said,

“When we talk about blockchain we come back and talk about the infrastructure, that’s the highways and the pipes that are necessary for bitcoin but they’re necessary for many other applications and I think they’re very useful and I’m very bullish on them.”

As for Bitcoin, he doesn’t have a “strong opinion” on the flagship cryptocurrency, which has a market cap of $360 billion. He said,

“In essence, I’m not a strong believer in bitcoin… it is a developing asset potentially and for all the reasons it’s a strong developing asset class it may fail.”

He further explains that part of an asset class’s integrity to a system is knowing who owns it, why it’s being transferred, and if it is used for legitimate causes or corrupt practices. The 60-year old said,

“The bitcoin system today has no transparency to it, so there are a lot of people that question why would you need a system that does not have an audit trail, does not have integrity.”

According to him, Bitcoin “lacks some of the basic integrities of a real market” because “you don’t know who owns it, you don’t know exactly how much exists today, how much has been mined how much has been lost, how much has been thrown away on hard drives because they don’t exist anymore so it.”

This is the weakest argument ever for starters, he is talking about cash, and second, if Cohn had bothered to get himself acquainted with Bitcoin, he would have known the most extensive network is a transparent one, and that’s why the different government agencies have been able to catch people trying to route their funds in BTC to avoid authorities.

Haters are just going to hate and miss being part of this revolution until it’s too late.

Read Original/a>
Author: AnTy

Bitcoin-Friendly Ex-CFTC Chief Gary Gensler to Advise Biden on Wall Street

Former Commodity Futures Trading Commission (CFTC) Chairman Gary Gensler will be joining Joe Biden’s presidential transition to examine financial regulators.

Gensler, a former Goldman Sachs partner, is known for implementing a new regulatory regime for swaps and has gained a reputation for standing up to Wall Street.

He is also known for his bitcoin-friendly views, which he called a “catalyst for change.” Gensler actually taught a course at MIT called “Blockchain and Money” on how Bitcoin and the technology underpinning it could be used in finance.

It has been under Donald Trump’s presidential term that the IRS added the infamousdo you own crypto” question, and the President told the Treasury to “go after Bitcoin.” Not to mention he himself isn’t a fan of Bitcoin and cryptocurrencies either.

Meanwhile, Gensler has said although many currencies face regulatory scrutiny, Bitcoin “should remain exempt” from that.

Crypto market participants feel positive about Joe Biden and that he could be good for the industry. Even cryptocurrency derivatives exchange FTX CEO Sam Bankman-Fried made the second biggest contribution to Biden.

The real winner of this election has clearly been Bitcoin as not only the price of the digital currency reached some important levels to climb to a 24-month high, but crypto-friendly faces could be seen in the government too.

Quant trader and entrepreneur Qiao Wang also noted that Trump and Treasury Secretary Steven Mnuchin have been “openly hostile towards BTC.”

Not only “a likely Republican senate to counter Dems’ aggressive regulation tendencies,” but Wang also believes, “Democrats are more likely to create inflation which is good for BTC.”

Recently we also saw Wyoming electing Bitcoiner Cynthia Lummis to the US Senate.

KeyBank NA executive Don Graves has also been tapped for the role, a longtime Biden adviser involved in reviewing bank regulators.

Read Original/a>
Author: AnTy