The US President Joe Biden has taken decisive actions soon after getting control of the United States. He signed 15 documents outlining changes in policy sectors. The crypto and blockchain potential inspire the coming heads of both the Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC).
Chris Bummer as New CFTC Chair
Market experts believe the new leadership under Biden’s regime has a soft corner towards cryptocurrency and will show a progressive attitude towards the industry. The newly elected president has nominated Chris Brummer as the new chair of the Commodity Futures Trading Commission. Current head Heath Tarbert will leave the office for Brummer.
Brummer has a good track record in conducting studies related to modern finance, digital tech, and cryptocurrency. He is currently serving as a Faculty Director at the Institute of International Economic Law of Georgetown University. However, he is not yet nominated officially for the seat.
The nomination of Gary Gensler as SEC Chair
A crypto-inspired personality is also expected to head the Securities and Exchange Commission. Various acclaimed news agencies reported that Biden had selected Gary Gensler as the new Chair of the SEC. However, it is not yet confirmed when Gensler is going to take control of the SEC.
It seems Democratic Party will focus more on blockchain and cryptocurrency besides setting climate change as its main agenda.
However, the good news is not coming for San Francisco-based crypto firm Ripple. Prominent Bitcoin supporter Jake Chervinsky said that if Gensler becomes the SEC’s new acting chair, we can see a “policy shift in favor of a bitcoin ETF.” Chervinsky also noted that Gensler also labeled XRP security back in 2018.
However, there is a time for the new SEC Chair, so Ripple Lab will have to wait. But there are strong chances that the MIT professor may not take down the case on XRP.
The United States is far behind China in blockchain and digital currency. The work started on blockchain technology after Xi urged government officials to test new technologies. In terms of digital currency, the Chinese government has successfully developed the digital version of the yuan. According to financial experts, China’s initiative in launching the digital yuan is to push the reserve power of yuan in the international market.