The future president of the United States (US), Joe Biden is reported to have decided on the candidate who will lead the Securities and Exchange Commission (SEC).
According to sources, Biden is expected to nominate Gary Gensler to replace former SEC chairman Jay Clayton who resigned in December 2020.
Throughout his tenure, Clayton was known for initial coin offering (ICO) including the first declaration of digital assets as securities.
Gensler served as chairman of the Commodity Futures Trading Commission (CFTC) during the Barack Obama administration during which he was responsible for enforcing many of the new provisions of the Dodd-Frank Act for the 2008 financial crisis.
While during the era of President Donald Trump's administration, Gensler served as an educator at MIT for the subject of digital assets and blockchain.
This means that if the Gensler candidate is an individual with crypto expertise who will lead the SEC.
Gensler has also joined Biden's transitional group since the electoral victory in early November 2020. From there, speculation arose with Gensler's position at the time closely linked to the SEC.
