General composite finance council and DeFi The group’s co-president at the Blockchain Association, Jake Chervinsky, believes that the introduction of Gary Gensler as the new SEC president will be a positive step towards Bitcoin long-term.
SEC becomes pro-Bitcoin
Speaking on Twitter, Chervinsky commented on what he believed would happen if Gensler became president of the SEC. The lawyer explains that he believes Gensler would conduct policies in favor of Bitcoin.
It is being widely reported newly elected President Joe Biden will appoint Gesler to serve as SEC chairman. A move that would likely placate the cryptographic community.
Good bitcoin, bad ripple?
Gensler takes a positive view of cryptocurrencies and the adoption of blockchain, going so far as to call Bitcoin the modern way gold. He is also known for teaching courses on blockchain and Bitcoin at MIT.
Chervinsky commented on Gensler’s possible appointment, adding that Gensler “deeply understands cryptography and has strongly supported Bitcoin for years”.
Chervinsky, moreover, believes that the nomination will see a policy shift in favor of a Bitcoin Exchange-Traded-Fund (ETF).
Continuing with the thought process, Chervinsky explained that Gensler may have changed his mind about XRP operation as security. However, the chances of an incoming president (who was not present for the investigation) to reverse the SEC’s decision would be unlikely.
In short, Gensler’s appointment as SEC chairman must be optimistic for bitcoin and the cryptographic community in general. However, it looks like Ripple will still have a fight on his hands.