Senate Committee Approves Gary Gensler Causing Crypto To Soar

The crypto market is reaching new highs once more, the market crash of February all but forgotten. The space held a total market cap of $1.7 billion on Thursday, primarily thanks to the extremely bullish news of Gary Gensler being voted in favor of giving him the position of the Securities and Exchange Commission (SEC)’s Chairman by the US Senate Banking Committee.

Winning By Four Votes

The official announcement stipulates that the vote itself was 14-10 in favor of  Gensler. It was back in January of this year when Joe Biden, the President of the US, officially nominated  Gary Gensler to become the new leader of the SEC. The crypto market took this news with joy, as the entire space shot up by 3% just with that announcement alone. IT should be noted that Gensler was the former Chief of the Commodity Futures Trading Commission, or CFTC.

What makes Gensler such a popular choice for the crypto space at large is his general soft stance on cryptocurrencies as a whole. Earlier this month, the man went on record to say he will promote innovation within the space at large. The former CFTC head noted that digital currencies at large, such as Bitcoin, have allowed for new kinds of thinking when it comes to financial inclusion and payment solutions.

SEC Chair nominee, Gary Gensler:

"#Bitcoin and other cryptocurrencies have brought new thinking to payments and financial inclusion, but they've also raised new issues of investor protection… If confirmed at the SEC, I will work to promote innovation" pic.twitter.com/AlAsUPJONY

— Bloqport (@Bloqport) March 2, 2021

Crypto Markets In Recovery

This week was good for crypto in general, as well. Bitcoin managed to push back into its $1 trillion market cap, $1.05 trillion to be exact, as the price of a single Bitcoin went to $57,000 just a day ago. Ethereum has posted significant gains for this week, as well, with the second-largest cryptocurrency managing to accrue $1,800 a coin. This is the first time it’s managed to do that within the past three weeks, as well.

As it stands now, Bitcoin is trading hands at $54,641 apiece at the time of writing, with Ethereum’s going rate being $1,744.

Bright Futures For Crypto

Everyone in the crypto space is quite pleased with the potential for Gresler to become the new SEC head. The previous Chairman, Jay Clayton, was not a man that took kindly to crypto in the slightest. On his last day of the office, a $50 billion sell-off of crypto occurred.

The SEC in general has steadily been involving itself with cryptocurrencies at large, the most popular example being its latest lawsuit against Ripple for the sale of unlicensed securities. It’s the hope now that Gensler will be a far more benevolent Chairman than his predecessor for the crypto space at large.