The Speculation About Crypto-Savvy Gary Gensler Will Lead The Financial Policy Transition Team Has Been Confirmed By Biden
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The Biden campaign was officially announced on Tuesday, after reports that he was a contender. As the chairman of the CFTC, Gensler served as an important financial regulator for former President Barack Obama, and took the lead in formulating new derivatives regulations after the 2008 financial crisis. He also served in the Treasury Department during the Clinton administration.
Recently, he has repeatedly testified on cryptocurrency and blockchain in Congress, overturning the comparison between cryptocurrency and Ponzi scheme, and announced that the Libra token, which has not yet been launched, meets the securities requirements of the United States. At an MIT conference two years ago, he believed that there was a “strong case” XRP (XRP, +2.05%) is a cryptocurrency closely related to the startup Ripple. Gensler referred to blockchain technology as a “catalyst of change” in a column for CoinDesk in 2019. Gensler did not respond to a request for comment.
When the Biden-Harris transition team announced the names of the members of the agency review team, he was one of 500 nominees who will assess the functions of federal agencies and help ensure a smooth transition. To be sure, the current President Donald Trump has questioned the results of the election and has requested vote reductions in a few states due to alleged violations, but there is no evidence yet.
There are several other policy experts on the list of Biden’s financial regulator review team, who have paid special attention to cryptocurrency, blockchain and related matters:
An economist and professor at the Massachusetts Institute of Technology Sloan School of Management, he leads digital currency research. From April 2009 to April 2015, he was a member of the Economic Advisory Panel of the Congressional Budget Office. Johnson also co-authored a paper on the broad impact that blockchain technology may have on the financial world, and serves on CoinDesk’s advisory board.
The law professor and head of the Department of International Economic Law at Georgetown University is a familiar figure in the financial technology field. He also testified before the US Congress on Facebook’s Libra project. Bloomer was also nominated to serve as commissioner of the CFTC led by President Obama, but the nomination was overturned after the 2016 election.
Professor of the University of California Irvine School of Law, specializing in banking law, and testifying as an expert witness at the Senate Banking Committee hearing, introduced the regulatory framework of blockchain and cryptocurrency. Baradaran has written numerous articles on inequality in the banking industry and criticized that projects like Facebook’s Libra can help expand financial inclusion by default.
One of the original creators of the digital dollar concept was an academic researcher and law professor at Columbia University. He served as a senior adviser to the U.S. Department of the Treasury in the 2015-16 fiscal year and also served as an economist in the Banking Supervision Group of the Federal Reserve Bank of New York.