When the new SEC chairperson is a blockchain MIT professor, you couldn't have a bigger vote of confidence for Bitcoin and cryptocurrencies.
Prof. Gary Gensler has termed money as nothing more than a "social economic consensus," "negotiable ledgers" with immutable characteristics. With his background as a former partner at Golman Sachs, Gensler is no lightweight when it comes to economics and money, history and technology, and government and politics.
Achieving democracy in finance and transitioning to digital currency models is at the root of what Gensler brings to the table. That means, there is no way on God's green earth that Bitcoin is going anywhere. With Gensler at the helm the adoption of cryptos has only just the first drip of the damn.
The Senate confirmed Gensler April 14, 2021, and he was sworn into office on April 17, 2021.
"Before joining the SEC, Gensler was professor of the Practice of Global Economics and Management at the MIT Sloan School of Management, co-director of MIT’s Fintech@CSAIL, and senior advisor to the MIT Media Lab Digital Currency Initiative.
Gensler was formerly chair of the U.S. Commodity Futures Trading Commission, leading the Obama Administration’s reform of the $400 trillion swaps market. He also was senior advisor to U.S. Senator Paul Sarbanes in writing the Sarbanes-Oxley Act (2002), and was undersecretary of the Treasury for Domestic Finance and assistant secretary of the Treasury from 1997-2001.
Prior to his public service, Gensler worked at Goldman Sachs, where he became a partner in the Mergers & Acquisition department, headed the firm’s Media Group, led fixed income & currency trading in Asia, and was co-head of Finance, responsible for the firm's worldwide Controllers and Treasury efforts.
A native of Baltimore, Md., Gensler earned his undergraduate degree in economics in 1978 and his MBA from The Wharton School, University of Pennsylvania, in 1979."
