The entire market cap of cryptocurrency reached over $1.7 trillion following Senate Banking Committee in the U.S. voted in favor of Gary Gensler to take charge as the Securities and Exchange Commission’s Chairman. According to the official announcement, the Senate Committee voted 14-10 in favor of Gensler. Earlier, U.S. President Joe Biden nominated Gensler to lead the SEC. The cryptocurrency market jumped nearly 3% following the news.
Gensler is known for his positive stance on the crypto industry.
Gray Gensler’s appointment as the US SEC chairman would be good news for the crypto industry as Gensler is known for his soft stance on cryptocurrency assets. Earlier this month, Gensler said that he would work to promote innovation. The former Chief of the U.S. Commodity Futures Trading Commission (CFTC) added that Bitcoin and other digital currencies brought new thinking to payments and financial inclusion. The world’s leading cryptocurrency, Bitcoin, touched $57,000 yesterday as the total market cap of BTC crossed $1.05 trillion.
New SEC chair nominee could be good news for bitcoin ETF.
With Bitcoin hitting new highs so often, financial institutions are now gearing up for having Bitcoin ETF-like products in the market. As reported earlier, Canadian regulators have already approved two Bitcoin ETFs last month, which received a strong response from investors. While the North American market has already got its first ETF, all eyes are on the U.S. and the SEC Chair nominee Gary Gensler for approving the first bitcoin ETF in the U.S. market. Previous SEC chairman, Jay Clayton, had argued that bitcoin is susceptible to market manipulation, and that’s why a bitcoin ETF would be a bad idea.