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On April 14, 2021, the U.S. Senate confirmed Gary Gensler as the new Chair of the U.S. Securities and Exchange Commission. Over the last few years the SEC has taken an assertive position in considering many digital assets to be securities and has been conservative in approving offerings of digital assets, leaving the industry in a continued state of uncertainty. On the other hand, the SEC made strides to embrace innovation as exemplified by their establishing FinHub and maintaining an open door policy to practitioners in this space.
Gary Gensler Sworn In As Member Of The SEC Date
17/04/2021
Gary Gensler was sworn into office today as a Member of the Securities and Exchange Commission by U.S. Senator Ben Cardin. He was nominated to Chair the SEC by President Joseph R. Biden on February 3, 2021 and confirmed by the U.S. Senate on April 14, 2021.
“I feel incredibly privileged to join the SEC’s team of remarkable public servants,” Gensler said. “As Chair, every day I will be animated by our mission: protecting investors, facilitating capital formation, and promoting fair, orderly, and efficient markets. It is that mission that has helped make American capital markets the most robust in the world.”
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Gary Gensler, a leading finance expert and a faculty member at the MIT Sloan School of Management, has been picked by President-elect Joe Biden as his nominee to be chair of the U.S. Securities and Exchange Commission (SEC).
Gensler is a veteran of both public service and the private sector, and has been a proponent of reform and transparency in financial markets. He is perhaps best known for his influential tenure as chair of the Commodity Futures Trading Commission (CFTC) during the Obama administration, from 2009 to 2014.
As CFTC head, Gensler recommended greater oversight of the financial derivatives market, which was a central element in the banking-sector crisis that emerged in 2007. Gensler also helped implement the Dodd-Frank banking reform bill, passed by the U.S. Congress in 2010, which overhauled derivatives trading.