Gary Gensler, SEC chair candidate, calls Bitcoin a ‘catalyst for change’.

Nominated by President Joe Biden to head the U.S. Securities and Exchange Commission (SEC), financier Gary Gensler spoke positively about blockchain, Bitcoin and cryptocurrencies.

Speaking at confirmation hearings before the Senate Banking Committee, Gensler described digital gold as ‘a catalyst for change’.

SEC Chair nominee, Gary Gensler:

«#Bitcoin and other cryptocurrencies have brought new thinking to payments and financial inclusion, but they’ve also raised new issues of investor protection… If confirmed at the SEC, I will work to promote innovation» pic.twitter.com/AlAsUPJONY

— Bloqport (@Bloqport) March 2, 2021

In response to a question from Senator Mike Rounds, he added:

“Bitcoin and other cryptocurrencies have brought new thinking to payments and financial inclusion, but they have also raised new investor-protection questions that we still need to address.”

According to Gensler, if confirmed as SEC chair, he plans to work on ‘promoting innovation’.

In his opening remarks, Gensler noted that markets and technologies are constantly changing and regulatory rules must be able to keep pace.

“In my current role as a professor at the Massachusetts Institute of Technology, I conduct research and teach at the intersection of technology and finance. I believe fintech can be a powerful force for good — but only if we continue to uphold the SEC’s core values in the interests of investors, issuers and the public,” he said.

As a reminder, former SEC chairman Jay Clayton left the post on December 23, 2020, with Elad Roisman serving as acting chair.

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