On Wednesday, Gary Gensler, the nominee for SEC chairman since January, was confirmed by the US Senate as the new chairman of the Securities and Exchange Commission (SEC).
La United States Senate Chamber confirmed This Wednesday at --Gary Gensler as the new president of the Securities and Exchange Commission (SEC) of the country. Gensler, who served as president of the Commodity Futures Trading Commission (CFTC), had been nominated for the presidency of the SEC by Joe Biden, current president of the United States, at the beginning of January of this year.
The SEC is one of the most important regulators in the country and also worldwide. Its functions include regulating and supervising the stock market and the options market in the United States; although it also has the authority to supervise the securities market. cryptocurrencies, and digital assets, especially now that these have been growing in adoption and value over time.
Given the SEC's importance as a financial regulator, the arrival of a pro-crypto person to this body is big news for the cryptocurrency industry. Gensler, who teaches about Bitcoin and technology Blockchain at the Massachusetts Institute of Technology (MIT – Massachusetts Institute of Technology), has extensive knowledge about these new technological innovations, which leads many to think that new regulations and rules favorable to the development of the industry are coming.
Gensler won the seat with 53 votes in favor in the Senate.
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Speculations about Gensler's mandate
While Gensler’s tenure as SEC Chairman is just beginning, his past involving cryptocurrencies and digital assets has made headlines since he was nominated for the post. His nomination, and now official confirmation as the regulator’s chairman, has led many in the crypto industry to speculate about what lies ahead for cryptocurrencies in the country.
The new SEC chairman has said he agrees that bitcoin and blockchain can bring about significant changes to current financial systems, and that their features help financial inclusion in an easy and hassle-free way. However, Gensler has also expressed that cryptocurrencies like XRP, whose issuing company, Ripple, is facing an SEC lawsuit filed by the regulator's former chairman, Jay Cayton, 1 day before he left office at the end of December, and ETH, the cryptocurrency of the Ethereum network, can be considered securities in the United States, and subject to the application of the laws of the country. As for Bitcoin, Gensler believes that this cryptocurrency can be excluded from the regulatory scope of the SEC.
More hope for an ETF
Without a doubt, one of the biggest speculations surrounding Gensler's appointment is the possible arrival of a ETF (Exchange Traded Fund) for Bitcoin U.S..
For years, firms like VanEck and Fidelity have been seeking SEC approval to create a Bitcoin crypto ETF in the country. However, all previous applications submitted by the companies have been rejected by the regulator. Now, with the arrival of Gensler, the crypto community has new hopes of seeing the approval of a Bitcoin ETF this year on US soil.
Recently, countries such as Canada and Brazil have launched successful Bitcoin ETFs, where there has been notable interest from investors in participating in this type of financial instruments related to cryptocurrencies.
The growth and appreciation of cryptoassets in the digital industry in recent years has been a catalyst for investor interest and demand for access to financial products that offer exposure to cryptocurrencies.
The latest company to apply for approval of a Bitcoin ETF in the United States is Galaxy Digital, which is awaiting regulatory approval to create this important investment product with Bitcoin. Meanwhile, the SEC admitted VanEck's application in mid-March, although its response on whether or not the ETF will be approved is still expected in the coming weeks.
Innovation and security
Gensler, though known as a crypto insider, has also spoken cautiously about regulating the industry. At his confirmation hearing, the new SEC chairman said he would work with other commissioners and regulators to promote the development of new innovations, but would also focus his efforts on ensuring investor protection and enforcing the country's financial laws.
Recently, former SEC Chairman Jay Clayton and Goldman Sachs analysts said that new regulations for the crypto industry are on the way, although it is still a long way off.
At the close of this edition, BTC is listed on the markets with a value of $62.500, and has a market capitalization of over $1,16 trillion. The value of BTC hit a new all-time high on Wednesday, when it surpassed $64.800.
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