Biden to Name Gensler as SEC Chairman, plus more on Crypto Policy

Sources say that President-Elect Joe Biden will name Gary Gensler to be Chairman of the Securities and Exchange Commission (SEC). This move will likely drive stricter regulations on banks and lighter regulations on the crypto and blockchain industries.

Also held yesterday was a session led by Real Clear Policy on the impact of a Biden Administration on cryptocurrencies. It featured

• Commissioner Hester Peirce, U.S. Securities & Exchange Commission
• Rep. Patrick McHenry (R-NC), Ranking Member, House Financial Services Committee
• Professor J.W. Verret, Antonin Scalia Law School, George Mason University
• Dr. Roslyn Layton, Senior Contributor on Tech Policy, Forbes

See below for some highlights:

Rep. McHenry on the Gary Gensler rumors:

On Gary Gensler’s SEC chair nomination: “I have a sense of optimism and hope we can move this (crypto) policy forward in the coming years.” @PatrickMcHenry #sec #crypto

— Crypto & Policy (@cryptolicy) January 12, 2021

Commissioner Peirce on Crypto Regulations:

“We have not moved very quickly to provide clarity on some of these (crypto regulation) issues. I hope in the next few years we will see more progress and more intersection between federal agencies on this issue.” – SEC Comissioner @HesterPeirce

— Crypto & Policy (@cryptolicy) January 12, 2021

Professor Verret on bipartisanship:

“Fintech shouldn’t be political” – @JWVerret #crypto #cryptocurrency

— Crypto & Policy (@cryptolicy) January 12, 2021

Dr. Layton on Ripple’s XRP:

“The contradictions between the regulatory agencies concern me about the #Ripple case.” – @RoslynLayton

— Crypto & Policy (@cryptolicy) January 12, 2021

Commissioner Pierce on Privacy:

“There needs to be a balance between privacy and the ability of an agency to see what is going on. Is it OK to moderate transactions? It’s a broader question. We need freedom for (consumer) transactions and protection for consumers. We need to discuss this balance.” @HesterPeirce

— Crypto & Policy (@cryptolicy) January 12, 2021

Dr. Layton on the Biden Administration:

“I think that it is important for (the Biden administration) to bring in people who are open-minded regarding cryptocurrencies.” @RoslynLayton #cryptocurrencies #cryptoregulation

— Crypto & Policy (@cryptolicy) January 12, 2021