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Gary Gensler new SEC president: good news for the crypto space?

Companies in the sector are wondering what could happen now

Gary Gensler is preparing to take over the leadership of Security and Exchange Commission (SEC) of the United States. Many, inside and outside the crypto space, are therefore wondering in these hours what the implications may be for the sector.
This is indeed a question of no small importance, in the light of recent statements by Janet Yellen, new treasury secretary of the Biden administration, and some disputes filed against companies operating in the digital assets sector. Starting from Ripple Labs, right from the SEC.

Gary Gensler - Gary Gensler new president of the SEC: good news for the crypto space?

What could happen with Gary Gensler at the helm of the SEC?

Before the hearing before the US Senate Banking Committee, Gary Gensler has published a paper which, of course, has received a lot of attention from observers.
If it does not explicitly mention cryptocurrencies, in the introductory part it speaks widely of the need for new rules for new financial instruments. Aimed at avoiding losses for investors. A statement that someone immediately wanted to link to the theme of Ripple Labs. Which is perhaps the hottest on the current US financial market regulator's agenda.

Who is Gary Gensler

Gary Gensler is senior advisor for digital currencies within MIT (Massachusetts Institute of Technology) Digital Currency Initiative. The same prestigious university where he also holds the role of professor of economics within the Sloan School of Management.
A role that came at the end of a long parable which saw him hold various prestigious positions. Between 1997 and 1999 it was indeed Assistant Secretary of the Treasury for Financial Markets, while in the following two years he was appointed Undersecretary of the Treasury for Internal Finance. After collaborating with Senator Paul Sarbanes in drafting the Serbanes-Oxley Act he was then referred to as President of the Commodity Futures Trading Commission (CFTC) of the United States from 2009 to 2014. An experience marked by the leading role in the process that culminated in the reform of the swap market during the Obama-Biden administration.
Its role within Goldman Sachs, as a partner in the Mergers & Acquisition department, as well as leading the company's Media Group and fixed income & currency trading in Asia.
Also it was Chair of the Maryland Consumer Protection Financial Commission from 2017 to 2019. And, again, he held the position of CFO for Hillary Clinton's presidential campaign in 2016, after serving as economic advisor to Obama's in 2008.

What could happen under his direction

Gary Gensler has made a name for himself over the past few years for his statements in favor of tighter regulation of financial markets. He considered the prerequisite for a harmonious growth of the economy.
A fairly obvious position, in line with that of many other stars and stripes finance personalities. Among the first and most convincing test cases, the new SEC number one will face the Ripple Labs dossier. Bequeathed to him by his predecessor, Jay Clayton, which did not want to reach a settlement agreement with the Californian company. Which instead hopes to be able to reach an accommodation in the course of the next talks with Gensler. From here we can begin to understand the implications of his advent in the SEC.

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Dario Marchetti

I have a degree in Literature and Philosophy from the Sapienza University of Rome, with a thesis on the eastern border of Italy at the end of the First World War. I have collaborated with several sites on many issues and led the work group that published the official CD-Rom of the SS Lazio "History of a love" and "Photographic History of Magical Rome".

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