Less than 4 days after his official acceptance spoken language, Joe Biden has already begun assembling a squad including the former chairman of the Article Futures Trading Committee every bit part of his transition to the 46th President of the U.s.a..

According to a Nov. x announcement from the 'Biden-Harris Transition', Gary Gensler has volunteered to join President-elect Joe Biden's squad as a fiscal expert. The onetime CFTC chair volition be the atomic number 82 tasked with ensuring as shine a transition as possible with the Federal Reserve and banking and securities regulators.

Gensler served as chairman for the Commodity Futures Trading Commission, or CFTC, under President Barack Obama from 2009 until 2014. He was known equally a stringent regulator during his time as CFTC head, overseeing reforms to the $400 trillion financial derivatives market.

The new fiscal squad lead has said that cryptocurrencies including Bitcoin (BTC) demand regulation to grow, arguing that investors should exist protected in the issue of market manipulation. In 2018, Gensler likewise stated that Initial Coin Offerings should be considered securities, placing them within the regulatory purview of the U.Due south. Securities and Commutation Committee.

In addition to his engagement on the transition team, Gensler is currently a senior advisor at the MIT Media Lab's Digital Currency Initiative. The group conducts research on blockchain and digital currency with a goal of facilitating development and adoption of the technology.