Media: blockchain-friendly ex-CFTC head to become Biden adviser

Joe Biden is expected to turn to former Commodity Futures Trading Commission (CFTC) chair Gary Gensler to advise his team on oversight of Wall Street. As reported by WSJ.

Last year, Gensler said that the potential of blockchain technology could act as a catalyst for real change in the financial sector.

He also noted that Satoshi Nakamoto solved the mystery of how to conduct peer-to-peer asset transactions online while avoiding double-spending. In addition, Gensler highlighted the transformation of Bitcoin and other cryptocurrencies into a class of speculative assets and pointed to insufficient regulation of virtual-asset exchanges.

WSJ noted that the commission head during Barack Obama’s administration was remembered for a tough regulatory stance. Gensler overhauled rules for the derivatives market and pursued major investment banks for manipulating the [simple_tooltip content=’London Interbank Offered Rate’]LIBOR[/simple_tooltip] — one of the key benchmarks for the global financial market.

According to the report, Gensler will oversee a volunteer group focused on banking and market regulators, such as the Federal Reserve and the Securities and Exchange Commission (SEC).

Earlier, the CEO of Alameda Research and the FTX crypto-derivatives exchange Sam Bankman-Fried became one of the largest donors to Biden’s campaign, donating to Biden’s campaign fund $5.2 million.

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