President-elect Joe Biden’s reported pick of former Obama administration regulator Gary Gensler to be chairman of the Securities and Exchange Commission elicited cautious hope from cryptocurrency experts.
The pick was made public toward the end of Tuesday’s Real Clear video panel discussion about the future of cryptocurrency in the coming Biden Administration. U.S. Rep. Patrick McHenry, R-North Carolina, a ranking member of the House Financial Services Committee, said Gensler could prove to be good for the future of cryptocurrencies like Bitcoin.
“I think he has a broad understanding of technology and financial innovation,” McHenry said. “I have a sense of optimism that he may bring a thoughtful approach.”
McHenry pointed out that after serving in the Obama administration Gensler went on to serve as an adviser to the MIT Media Lab Digital Currency Initiative.
“Hopefully he will take the experience over the last couple of years and bring it to the SEC,” McHenry said.
The panel discussion, moderated by Real Clear publisher David DesRosiers, delved into the need to provide a framework for the crypto market to expand and become solid investment opportunities.