Gary Gensler has become the new head of the US Securities and Exchange Commission (SEC) as the Senate approved (53-45) his nomination, CNBC reports. Gensler was picked by President Joe Biden in January this year. He will serve as SEC chair for the next five years.
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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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