The Biden campaign has formally announced that Gary Gensler, a long-time cryptocurrency analyst will lead Joe Biden’s transition team on financial policy.
Gensler will lead the agency review team that will evaluate and analyse the operations of the Federal Reserve, and banking and securities regulators.
Gensler was the chief of the Commodity Futures Trading Commission (CFTC) in the Obama administration. His experience as a master regulator would allow him to shape the Biden’s financial policy.
Gensler was instrumental in shaping policy after the 2008 financial crisis when joblessness was endemic in the US. Moreover, his experience in the Treasury Department under the Clinton administration makes him a credible candidate to lead financial policy.
Often described as “crypto-savvy”, Gensler is a reputable figure in the cryptocurrency ecosystem. . He has defended Facebook’s upcoming stablecoin Libra in court, arguing that it met the requirements to be a security under US law. Moreover, he has also labelled Ripple‘s XRP cryptocurrency to be a security.
Gensler is actively associated with MIT’s Digital Currency Initiative, a project designed to study the world of digital assets and cryptocurrencies. He has been a very vocal advocate of cryptos, terming Blockchain technology a “change catalyst”. He has also called for r a clear regulatory environment for cryptocurrencies.
Aside from Gary Gensler, the Biden campaign has also held onto a few other financial policy experts, who are behind the cryptocurrency movement. Notably, Lev Menand and Chris Brummer are in the list of financial policy advisors.. Brimmer received the nomination for the position of CFTC chief, but it was reversed in 2016. Lev Menand is the creator of the idea of a digital dollar, and also has experience working as a senior advisor in the Treasury department.