President-elect Joe Biden is about to name Gary Gensler next Chairman of the US Securities and Exchange Commission (SEC), Reuters has learned, citing sources familiar with the matter.
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The first reports of including Gensler in Biden's financial policy transition team appeared in November last year. As head of the Commodity Futures Trading Commission during Barack Obama's presidency, Gensler is remembered for his tough approach to regulations.
While serving as chairman of the CFTC, Gensler reorganized the watchdog efforts of the 700-person agency. He also led the effort to pass and implement comprehensive oversight of the $400 trillion swaps market, a form of OTC derivative that was at the center of the 2008 financial crisis. In 2018, Gensler said that ETH and Ripple’s XRP could probably be classified as securities. According to him, investing in XRP or ETH meets the requirements of the Howey Test.
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