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Biden May Be Coming for Wall Street, Preparing for Cryptocurrency Regulation
Discussed in this Foreign Policy article:
Biden's Financial Reform Transition Team
Appointed by The Biden/Harris Transition Team LEADER
-- Senator Ted Kaufman (DE), led Biden’s transition as VP in 2008
— Gary Gensler, Financial Reform Transition LEADER
— Simon Johnson, the former chief economist for the International Monetary Fund
— Dennis Kelleher, the head of Better Markets, an advocacy group critical of the revolving door lobbying
— Damon Silvers, a AFL-CIO attorney who fought hard after the financial crisis to toughen up Dodd-Frank restrictions on big banks.
...one trend line may be clarifying itself: Biden’s willingness to strengthen the regulation of Wall Street in a perilous international financial environment. He has convened a financial reform transition team led by Gary Gensler, an aggressive regulator who made a remarkable progression in public life from Wall Street employee and loyal acolyte of former Treasury Secretary Robert Rubin (who deregulated Wall Street in the 1990s) to one of the financial sector’s most threatening nemeses.
... when he was first tapped to run the CFTC in 2009, his Wall Street past tainted him in the eyes of progressives.
Even so, Gensler was more willing than some of his peers to admit that he made mistakes in letting Wall Street run amok by supporting the repeal of Glass-Steagall and the Commodity Futures Modernization Act, which effectively deregulated the global market in over-the-counter derivatives.
“Looking back now, it is clear to me that all of us—all of us that were involved at the time, and certainly myself, should have done more to protect the American public through aggressive regulation, comprehensive regulation,” Gensler said at his confirmation hearing in 2009.
Now Wall Street banks and shadowy nonbanks have to confront the idea that one of their most zealous wardens could well up in a senior spot in the Biden administration.
... when he was first tapped to run the CFTC in 2009, his Wall Street past tainted him in the eyes of progressives.
Even so, Gensler was more willing than some of his peers to admit that he made mistakes in letting Wall Street run amok by supporting the repeal of Glass-Steagall and the Commodity Futures Modernization Act, which effectively deregulated the global market in over-the-counter derivatives.
“Looking back now, it is clear to me that all of us—all of us that were involved at the time, and certainly myself, should have done more to protect the American public through aggressive regulation, comprehensive regulation,” Gensler said at his confirmation hearing in 2009.
Now Wall Street banks and shadowy nonbanks have to confront the idea that one of their most zealous wardens could well up in a senior spot in the Biden administration.
More information on Financial Reform Team cred:
https://foreignpolicy.com/2020/11/13/watch-out-wall-street-joe-biden-financial-banking-regulation/
Also, from Times Suriname
https://timessuriname.com/biden-taps-crypto-savvy-former-cftc-chair-for-transition-team/
The new financial team lead has said that cryptocurrencies including Bitcoin (BTC) need regulation to grow, arguing that investors should be protected in the event of market manipulation. In 2018, Gensler also stated that Initial Coin Offerings should be considered securities, placing them within the regulatory purview of the U.S. Securities and Exchange Commission.
In addition to his appointment 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.
In addition to his appointment 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.
Like my cryptocurrency investor in the family says, a reset is coming. Talk about progressive!
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