Gary Gensler, former CFTC chairman nominated to lead President Joe Biden’s US Securities and Exchange Commission (SEC), said on March 2 that cryptocurrencies are the raw material to drive innovation. economic development.

His remarks raise questions about what Congress and the SEC can do to create a more futuristic business environment for the crypto space. At the same time, Gensler’s confirmation hearing in front of the US Senate is taking place at this time.

While teaching at the Massachusetts Institute of Technology, Gensler attributed these innovations to catalysts for change. Bitcoin and other cryptocurrencies have brought new measures to payments and even finance, but they also introduce new investor protection problems.

Gary Gensler continues to be committed to advancing technology but remains honest with our core values ​​of investor protection and capital formation. He commented:

“If confirmed at the SEC, I will work with other trustees to drive innovation but also ensure a solid core of investor protection.”

Gensler’s nomination gave a strong voice on the crypto asset front. The former CFTC Chairman once argued that “ICOs should be seen as securities,” as well as outlining how cryptocurrencies highlight weaknesses in the US payment infrastructure.

Gensler was formally nominated in mid-January after serving as adviser to the Biden presidential campaign. Being a crypto advocate and having a great positive influence on the market. We can hope that under Gary Gensler’s tenure, the entire financial economy will experience tremendous growth.