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.
Prior to that, Gensler, a former CFTC chair, was appointed to spearhead Biden's financial policy transition team back in November.
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:
"Ripple is doing a lot to advance the value of XRP."