Gary Gensler, former CFTC chief, joins Biden transition team

Gary Gensler, the former head of the Commodity Futures Trading Commission (CFTC), will lead the transition team on financial policy for President-elect Joe Biden. This was reported by BNN Bloomberg, citing a representative for Biden’s team.

Initial reports that Gensler appeared to join the new White House administration last week.

The official will join a group that will evaluate the work of the Federal Reserve System, banking and market regulators such as the Securities and Exchange Commission (SEC), and ensure a smooth transition of power.

As head of the CFTC during Barack Obama’s presidency, Gensler was known for a tough approach to regulation. He oversaw significant reforms of the derivatives market mandated by the Dodd-Frank Act of 2010.

Most recently, Gensler worked at the Massachusetts Institute of Technology as a professor of global economics in the business school and senior adviser to the MIT Media Lab initiative on digital currencies.

In 2018, Gensler выступал against equating cryptocurrencies with Ponzi schemes, and also said that Ethereum and Ripple are unregistered securities. These same characteristics, according to him, обладает the Libra token.

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