{"id":285056,"date":"2021-03-11T06:44:03","date_gmt":"2021-03-11T11:44:03","guid":{"rendered":"https:\/\/insidebitcoins.com\/?p=285056"},"modified":"2021-03-11T06:44:03","modified_gmt":"2021-03-11T11:44:03","slug":"senate-committee-approves-gary-gensler-causing-crypto-to-soar","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/senate-committee-approves-gary-gensler-causing-crypto-to-soar","title":{"rendered":"Senate Committee Approves Gary Gensler Causing Crypto To Soar"},"content":{"rendered":"<p>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 <a href=\"https:\/\/www.pionline.com\/washington\/gary-gensler-cleared-senate-confirmation-sec-chairman\">being voted<\/a> in favor of giving him the position of the Securities and Exchange Commission (SEC)\u2019s Chairman by the US Senate Banking Committee.<\/p>\n<h2>Winning By Four Votes<\/h2>\n<p>The official announcement stipulates that the vote itself was 14-10 in favor of\u00a0 Gensler. It was back in January of this year when Joe Biden, the President of the US, officially nominated\u00a0 Gary Gensler to become the new leader of the SEC. The <a href=\"https:\/\/insidebitcoins.com\/news\/crypto-market-plummets-sheds-off-170-billion-in-24-hours\">crypto market<\/a> 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.<\/p>\n<p>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.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">SEC Chair nominee, Gary Gensler: <\/p>\n<p>&quot;<a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw\">#Bitcoin<\/a> and other cryptocurrencies have brought new thinking to payments and financial inclusion, but they&#39;ve also raised new issues of investor protection&#8230; If confirmed at the SEC, I will work to promote innovation&quot; <a href=\"https:\/\/t.co\/AlAsUPJONY\">pic.twitter.com\/AlAsUPJONY<\/a><\/p>\n<p>&mdash; Bloqport (@Bloqport) <a href=\"https:\/\/twitter.com\/Bloqport\/status\/1366793279262650370?ref_src=twsrc%5Etfw\">March 2, 2021<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<h2>Crypto Markets In Recovery<\/h2>\n<p>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 <a href=\"https:\/\/insidebitcoins.com\/buy-cryptocurrency\/buy-bitcoin\">Bitcoin<\/a> went to $57,000 just a day ago. <a href=\"https:\/\/insidebitcoins.com\/buy-ethereum\">Ethereum<\/a> 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\u2019s managed to do that within the past three weeks, as well.<\/p>\n<p>As it stands now, Bitcoin is trading hands at $54,641 apiece at the time of writing, with Ethereum\u2019s going rate being $1,744.<\/p>\n<h2>Bright Futures For Crypto<\/h2>\n<p>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.<\/p>\n<p>The SEC in general has steadily been involving itself with cryptocurrencies at large, the most popular example being its latest <a href=\"https:\/\/insidebitcoins.com\/news\/ripple-ends-lawsuit-against-youtube-over-scammy-xrp-giveaways\">lawsuit against Ripple<\/a> for the sale of unlicensed securities. It\u2019s the hope now that Gensler will be a far more benevolent Chairman than his predecessor for the crypto space at large.<\/p>\n","protected":false},"excerpt":{"rendered":"<div class=\"fin-excerpt\">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 <a class=\"read-more-link\" href=\"https:\/\/insidebitcoins.com\/news\/senate-committee-approves-gary-gensler-causing-crypto-to-soar\" title=\"Senate Committee Approves Gary Gensler Causing Crypto To Soar\">[&#8230;]<\/a><\/div>","protected":false},"author":1717,"featured_media":285058,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[7596],"tags":[734,7598,5982,7599,7893],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.5 (Yoast SEO v22.5) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Senate Committee Approves Gary Gensler Causing Crypto To Soar<\/title>\n<meta name=\"description\" content=\"IT should be noted that Gensler was the former Chief of the Commodity Futures Trading Commission, or CFTC.\" \/>\n<meta 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