55 days after your inauguration as President of the United States, Joe Biden is considering the former chairman of the Commodity Futures Trading Commission for a permanent position in his administration.
According to a November 25 story on CNBC, The president-elect would nominate Gary Gensler for the post of Undersecretary of State for the Treasury Department starting in 2021. The news says that “People familiar with the matter” have named Gensler as possible candidates for the position. I would work under the guidance of former Federal Reserve Chairwoman Janet Yellen, Biden allegedly wants to appoint Finance Minister.
Yellen and Gensler have expressed very different opinions about digital assets and blockchain technology over the course of their careers. Gensler is currently Senior Advisor to the MIT Media Lab’s Digital Currency Initiative, which is conducting research on blockchain technology and digital currency to facilitate its development and adoption. But still, Yellen has criticized cryptocurrencies in the past, calling Bitcoin “anything but useful” in the months following the 2017 bull run.
Gensler served as Chairman of the Commodity Futures Trading Commission (CFTC) under President Barack Obama from 2009 to 2014 and currently serves as a financial advisor on the Biden Harris transition team. . Known as a strict regulator during his tenure as the CFTC chairman, he oversaw reforms to the $ 400 trillion financial derivatives market.
Advisers to the President-elect said that The candidates for the other positions will be announced starting next week.