Gary Gensler, a Washington and Wall Street veteran who has closely studied the budding cryptocurrency field, will lead the financial policy transition team for projected U.S. President-elect Joe Biden.
A former chairman of the Commodity Futures Trading Commission (CFTC), Gensler was tapped to lead the agency review team for the Federal Reserve, banking and securities regulators, the Biden campaign formally announced Tuesday, following reports last week he was a contender.
As CFTC chairman, Gensler served as a key financial regulator for former President Barack Obama, spearheading new derivatives rules after the 2008 financial crisis. He also served in the Treasury Department during the Clinton administration.
More recently, he has also testified before Congress about cryptocurrency and blockchain on multiple occasions, pushing back against comparisons between cryptocurrencies and Ponzi schemes and declaring that the still-unlaunched libra token met the requirements of being a security under U.S. law. At an MIT conference two years ago, he opined there was a “strong case” XRP (XRP, -1.88%), the cryptocurrency closely associated with startup Ripple, is a security. Gensler called blockchain technology a “change catalyst” in a 2019 op-ed.
Gensler did not return a request for comment.
He was one of 500 individuals named Tuesday when the Biden-Harris transition team announced the members of the agency review teams who will evaluate the function of federal agencies and help ensure a smooth transition.
To be sure, incumbent President Donald Trump has contested the election results and has filed lawsuits in a handful of states seeking to have votes discounted due to alleged irregularities, though with little evidence so far.
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