Biden appoints XRP skeptic as head of SEC

Gary Gensler, an industry renowned skeptic of XRP and ETH, may become the new head of the US Securities and Exchange Commission (SEC)

Joe Biden plans to appoint Gary Gensler as the new head of the US Securities and Exchange Commission (SEC). Writes about this Reuters, citing sources close to the administration of the new president.

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The appointment of Gensler could cause panic on Wall Street, as the financier has been known in the financial market since the days of the Obama administration. Then Gary Gensler, as head of the Commodity Futures Trading Commission (CFTC), reorganized the regulatory oversight. He also oversaw the implementation of a comprehensive oversight of the $ 400 trillion swap market.

Gensler has not yet commented on the possible appointment.

Thunderstorm XRP

For the cryptocurrency market, Gensler is also a well-known figure. In April 2018, he said that the government should take a closer look at the largest cryptocurrencies by market capitalization, and not just at ICO tokens. At the time, Gensler stated that ETH and XRP could probably be classified as securities. At the same time, Gensler refused to consider bitcoin, litecoin (LTC) and bitcoin cash (BCH) securities, since the assets were not sold within the ICO.

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We will remind, earlier the SEC filed a high-profile lawsuit against the Ripple company, accusing the latter of selling unregistered securities under the guise of XRP.

Reuters writes that the appointment of Gensler as head of exchange regulator Biden will end a four-year easing of rules that Wall Street banks, brokers, funds and public companies have enjoyed under the leadership of former SEC chairman Jay Clayton.

However, not all regulators consider XRP to be a security. BeInCrypto previously reported that the UK Treasury Department refused to classify XRP as a security, equating the asset with exchangeable tokens like bitcoin or ether.

Read about why the future head of the US Treasury Department will continue to tighten cryptocurrency regulation in a special material from BeInCrypto.

What do you think? Share your thoughts with us in the comments and join the discussion in our Telegram channel.


Karice Dabule

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