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A crypto-savvy and a CFTC (Commodity Futures Trading Commission) chair from President Obama’s government, Gary Gensler has decided to join the emerging government of President-Elect Biden’s transition team as a financial Expert. He will be there to ensure Federal Reserve as well as security and banking regulations.
After four days of his acceptance speech, Biden has already begun to assemble a transition team that includes Gary Gensler’s name. Gary Gensler will play a major role in the smooth transition related to banking and security regulations and Federal Reserves.
Back in President Obama’s government, Gary Gensler was known as a strict regulator when he headed CFTC. He overviewed the reforms regarding the financial derivative market over $400 trillion.
According to the new financial team, cryptocurrency like bitcoin must comply with regulations to see growth. They state that the investor should be secured if market manipulation occurs. In 2018, Gensler said that security should be considered with coin offerings. They should be placed within the U.S Securities and Exchange Commission regulations.
Other than his place on Biden’s transition team, Gensler is presently a senior advisor at MIT Media Lab’s Digital Currency Initiative. This group carries out research on blockchain and digital currency with an aim to assist the development of technology.