Joe Biden’s new SEC chair may be, if not an advocate, at least very knowledgeable on blockchain technology.
President-elect Joe Biden will be appointing MIT professor Gary Gensler as chair of the U.S. Securities and Exchange Commission, Reuters reported. Gensler is a Professor of the Practice of Global Economics and Management at MIT’s Sloan School of Management, and his faculty profile says that he “conducts research and teaches on blockchain technology, digital currencies, financial technology, and public policy.”
Tough on Wall Street
Gensler, who chaired the Commodity Futures Trading Commission (CFTC) during the Obama administration, has been leading Biden’s financial industry oversight planning during the transition. Based on his track record overseeing Congressional swaps trading rules following the 2008 financial crisis, Gensler is expected to be a tough regulator on Wall Street.
It’s impossible to say what the next few years will look like, but an incoming SEC chair who is both educated on blockchain technology and willing to stand up against mainstream banks bodes well for increased adoption of DeFi.