Gary Gensler, President Joe Biden's pick to spearhead the U.S. Securities and Exchange Commission (SEC), has cleared a major hurdle, with the Senate Banking Committee voting to confirm his nomination.
The panel voted 14-10 in favor of the nomination of the former chairman of the Commodity Futures Trading Commission (CFTC).
Pro-Bitcoin Wyoming Senator Cynthia Lummis also supported advancing Gensler's nomination because of his "commitment to financial innovation."
Gensler will now have to face the full Senate for a final vote.
As reported by U.Today, the potential next SEC boss called cryptocurrencies a “catalyst for change” during his Senate confirmation hearing that took place on March 2.
At the same time, he also stressed the importance of protecting investors.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team
