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Joe Biden confirms cryptocurrency expert Gary Gensler will be the head of new financial commission

Nov 14, 2020 | News
Joe Biden confirms cryptocurrency expert Gary Gensler will be the head of new financial commission

Even before his election, Joe Baden said that he was considering the candidacy of Gary Gensler for the role of head of the commission responsible for the transition to the new financial policy, now he finally approved him in this position. It is he who has now to figure out how to improve the Federal Reserve System, the banking sector, and the system of securities regulators.

But who is Gary Gensler? At one time he was chairman of the Commodity Futures Trading Commission (CFTC). In this position, he served as the chief financial regulator during Barack Obama's presidential. It is he who is responsible for the new rules regarding various derivatives, introduced after the famous financial crisis of 2008. And before this appointment, he worked in the Ministry of Finance during the Bill Clinton administration.

But we are more interested in another moment. Gary Gensler is an avid supporter of cryptocurrencies. He has repeatedly appeared in front of the US Congress, arguing that the comparison between crypt and Ponzi schemes is incorrect, that the still unreleased Libra token does not contradict legal security requirements, and also that blockchain technology is, in principle, a catalyst for positive changes in the economy.

In addition to Gensler, the new commission will include about 500 more people. They will need to assess the state of the most important economic institutions and organize their smooth transition to a new economic model. The following persons are of greatest interest:

  • Simon Johnson. The author of an article on the broad impact of blockchain technology on the current economic system, a former member of the advisory board of the cryptocurrency exchange CoinDesk, a professor of economics at the Massachusetts Institute of Technology who studies cryptocurrencies.
  • Chris Brammer. Professor of Law and Director of the Institute of International Economic Law at Georgetown University. Also at one time testified in favor of the Libra before Congress.
  • Mehras Baradaran. Professor of Law at the University of California, specializing in banking law. Already served as a witness on the Senate Banking Committee in a cryptocurrency and blockchain regulatory case. Also protected the Libra token.
  • Lev Menand. Professor of Law at Columbia University. One of the originators of the digital dollar idea. Former senior advisor to the Deputy Minister of Finance from 2015-2016.

As you can see, the administration of the new US president is very serious. Considering the number of interested professionals, the recognition of cryptocurrencies at the highest level is getting closer and closer. Unless, of course, the former president of the United States, Donald Trump, challenges the election results in court. And he really counts on it. Does he have a chance? We will observe the development of events.

Published on the EXBASE based on materials from coindesk.com