EX-CFTC Chair Gary Gensler Appointed As New SEC Lead, What to Expect for Bitcoin?

Sunil Sharma
January 13, 2021 Updated January 29, 2024
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SEC chief

Ex-CFTC chair Gary Gensler today was announced the new SEC lead by the current Biden government. Gary Gensler is also a blockchain professor at MIT and comes with a good background in cryptocurrencies.

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Gary Admires Blockchain but supports Crypto Regulation

Gary teaches a course on blockchain and cryptocurrencies titled Blockchain and Money at MIT. In order to understand how Gary perceives cryptocurrencies we can refer his 2018 interview with Bloomberg. In the interview, Gary emphasized to be technology neutral when it comes to blockchain but he favors regulation of cryptocurrencies in order to avoid frauds and money laundering practices.

In his words,

Cryptocurrency like Bitcoin need more protection and regulation than oil.

He believes there is future for cryptocurrencies but only when investors feel safe in dealing with decentralized assets like Bitcoin. If we analyze past interviews of Gary Gensler, in his new role as new SEC lead we may see,

  • Clarity over cryptocurrency taxation and new regulations to protect investor rights.
  • Rapid adoption of bitcoin and other cryptocurrencies in traditional finance markets as Bitcoin will enter more and more financial instruments.
  • Bitcoin will grow as an asset and we may see more smart money entering Bitcoin.
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Will Gary’s Entry Pave the way for Bitcoin ETF’s?

Bitcoin ETF’s are one among the most debated topics in crypto and blockchain domain and a Bitcoin approval is believed to send Bitcoin to $100k as per many pundits. Many wall street firms like VanEck, Gemini etc. have filed for Bitcoin ETFs and failed to get an approval. Many crypto experts believe that someone with depth knowledge of crypto like Gary would understand the benefits of a Bitcoin ETF and may play a key role in its approval.

Let us know how you think Gary’s appointed as new SEC chair will impact crypto market?

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Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
Sunil is a serial entrepreneur and has been working in blockchain and cryptocurrency space for 2 years now. Previously he co-founded Govt. of India supported startup InThinks and is currently Chief Editor at Coingape and CEO at SquadX, a fintech startup. He has published more than 100 articles on cryptocurrency and blockchain and has assisted a number of ICO's in their success. He has co-designed blockchain development industrial training and has hosted many interviews in past. Follow him on X at @sharmasunil8114 and reach out to him at sunil (at) coingape.com
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.