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Gary Gensler is voted in as the new chairman of the US Securities and Exchange Commission by the Senate Banking Committee

Gary Gensler has been named Chairman of the Securities and Exchange Commission by the Senate Banking Committee in the United States (SEC).

Following Gary Gensler‘s confirmation as Chairman of the Securities and Exchange Commission by the Senate Banking Committee in the United States, the overall market capitalization of cryptocurrencies exceeded $1.7 trillion. The Senate Committee voted 14-10 in favor of Gensler, according to the official announcement. President Joe Biden had previously nominated Gensler to lead the SEC. Following the news, the cryptocurrency market jumped nearly 3%.

Gensler is well-known for his advocacy for the cryptocurrency industry.

The appointment of Gray Gensler as chairman of the US Securities and Exchange Commission (SEC) will be good news for the crypto industry, as Gensler is known for his soft stance on cryptocurrency assets. Gensler announced earlier this month that he will seek to foster creativity. Bitcoin and other digital currencies, according to the former Chairman of the US Commodity Futures Trading Commission (CFTC), “brought new thought to payments and financial inclusion.” Bitcoin, the world’s most famous cryptocurrency, reached $57,000 yesterday, bringing its total market capitalization to $1.05 trillion.

The election of a new SEC chairperson may be good news for bitcoin ETFs.

With Bitcoin reaching new highs on a regular basis, financial institutions are preparing to launch Bitcoin ETF-like items. As previously reported, Canadian regulators approved two Bitcoin ETFs last month, which were well received by investors. Although the North American market has already issued its first ETF, all eyes are on the United States and SEC Chair candidate Gary Gensler for authorizing the country’s first bitcoin ETF. Jay Clayton, the previous chairman of the Securities and Exchange Commission, argued that bitcoin is open to market abuse and that a bitcoin ETF would be a bad idea.

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