Former chairman of the CFTC to take financial lead with Joe Biden during his presidency

Quick take

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• Last week, many of us experienced one of the most intense United States presidential elections that we have ever seen. 

• Joe Biden ended up being the victor and it seems that he is already getting ready to assemble a team including the former chairman of the commodity futures trading commission as a part of his transition to become in the 46th President of the United States at the end of January next year.

Last week, many of us experienced one of the most intense United States presidential elections that we have ever seen. Joe Biden ended up being the victor against Donald Trump and it seems that he is already getting ready to assemble a team including the former chairman of the commodity futures trading commission as a part of his transition to become in the 46th President of the United States at the end of January next year.

In an announcement that was revealed earlier this week on the 10th of November, the “Biden-Harris transition“ said that Gary Gensler has teamed up voluntarily to join the president-elect and his team as a financial expert. This means he will be the lead and have to ensure a smooth transition for Biden and the rest of his side.

As a little bit of background on Gary, he served as chairman for the commodity futures trading commission on the President Barack Obama from 2009 to 2014. During his time in this position, he was well known as a stringent regulator and looked over the reforms to the $400 trillion financial derivatives market.

Interestingly, two years ago he said that initial coin offerings should be considered securities and be placed under review from the securities and exchange commission in the US. He has further said recently that cryptocurrencies such as bitcoin, need more room to grow with regulation being a big part of that.

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