President-elect Joe Biden is expected to name cryptocurrency-savvy Wall Street vet Gary Gensler as the new chairman of the U.S. Securities and Exchange Commission (SEC), according to a Reuters report. He will replace acting SEC Chairman Elad Roisman.
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Prior to that, Gensler, a former CFTC chair, was appointed to spearhead Biden's financial policy transition team back in November.
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He will preside over the SEC's fight against blockchain company Ripple. The bad news for the San Francisco-based decacorn is that Gensler believes that there is a "strong case" for XRP being classified as a security, according to his 2018 speech at an MIT conference:
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"Ripple is doing a lot to advance the value of XRP."
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