U.S. President-elect Joe Biden appointed Gary Gensler, former chairman of the Commodity Futures Trading Commission (CFTC), as chairman of the Securities and Exchange Commission (SEC) on the 18th (local time).
Gensler, who is counted as a Wall Street veteran from Goldman Sachs, served as the chairman of the CFTC from 2009 to 2014, and is well known for his careful research in the cryptocurrency field.
In 2019, he taught blockchain and cryptocurrency at the Massachusetts Institute of Technology (MIT), and since last November, he has worked on the Financial Policy Team of the Biden Acquisition Committee.
On the same day, the Biden administration appointed Rohit Chopra a permanent member of the Federal Trade Commission as head of the Financial Consumer Protection Bureau. The Financial Consumer Protection Agency (CFPB) is the agency that oversees banks and other financial institutions and protects consumers from fraudulent financial products and services.
Chopra has criticized Facebook’s Libra in the past in supporting the Federal Reserve’s 24-hour real-time payment system, the FedNow Service. “It could result in a large private bank called Libra monopolizing the electronic payment system, which could potentially deter innovation and distort the market.”
Translation: Donghwan Kim/Coindesk Korea
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