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Former CFTC chief Gary Gensler is expected to lead the US SEC.

 

According to Reuters, newly elected President Joe Biden is expected to elect Wall Street expert Gary Gensler, a cryptocurrency-savvy businessman, as the new chairman of the US Securities and Exchange Commission (SEC).

Gensler will replace SEC Deputy Chairman Elad Roisman.

Prior to that, Gensler, a former CFTC chief, was appointed in November to lead Biden’s fiscal policy transition team.

Opportunity for Ripple?

Gensler will also head the SEC’s fight against blockchain company Ripple. The bad news for the San Francisco-based giant is that Gensler believes that XRP is a “strong case” for classifying as a security, according to a 2018 speech at an MIT conference.

Remember that he made the following emphasis in his speech:

“Ripple is doing a lot to increase the value of XRP.”

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