Crypto-Friendly Gary Gensler a step closer to becoming New U.S. SEC Chairman

The United States Securities and Exchange Commission (SEC) has always played a major role when it comes to the cryptocurrency market in the nation. Former SEC Chairman Jay Clayton has cracked down on several fraudulent activities in this area but hasn’t made any moves that promote the growth and development of the industry. This, however, could change as the Senate Banking Committee has voted in favor of Gary Gensler, President Joe Biden’s pick to head the SEC.

According to the official announcement, the panel voted 14-10 in favor of the former chairman of the Commodity Futures Trading Commission (CFTC). Gensler’s nomination is now a step closer and is currently headed to the Senate floor for a final trial.

The nomination was also supported by Pro-Bitcoin Wyoming Senator Cynthia Lummis, who believes Gensler is the ideal candidate because of his “commitment to financial innovation.”

No information has been provided regarding the date of the trial, but it has been estimated that it could happen as soon as later Tuesday. As of now, the SEC remains under the supervision of acting chairwoman Allison Herren Lee, until Gensler’s nomination clears the Senate.

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