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Gary Gensler Under Consideration for Deputy Treasury Secretary Role: Report

Former CFTC Chair Gary Gensler, who's leading Joe Biden's financial oversight team, may be tapped as Deputy Treasury Secretary.

Nov 25, 2020 at 10:51 p.m. UTC
Updated Sep 14, 2021 at 10:35 a.m. UTC

UPDATE (Dec. 2, 2020, 04:50 UTC): President-elect Joe Biden announced Monday that he would nominate Obama Foundation president and former Consumer Financial Protection Bureau Chief of Staff Adewale Adeyemo as Deputy Treasury Secretary.

President-elect Joe Biden may name former Commodity Futures Trading Commission Chair Gary Gensler to become Deputy Treasury Secretary, CNBC reported Wednesday.

Gensler, who is currently heading Biden's financial oversight transition team, would report to former Federal Reserve Chair Janet Yellen, Biden's reported nominee for the top spot at the Treasury Department. He is perhaps best known for his work developing derivatives rules in the wake of the 2008 financial crisis under former President Barack Obama, but has experience working in the Treasury Department, as an assistant secretary for financial markets in the late 1990s.

It's unclear how federal regulators might approach the crypto space under a Biden administration. His picks for key administration positions so far include Yellen and Roger Ferguson as his National Economic Council director, according to CNBC. However, their top priority is likely to be addressing the economic impact of the ongoing COVID-19 pandemic.

Gensler brings a deep understanding of the cryptocurrency space, saying in 2018 that, "I’m an optimist, I want to see this technology succeed, it is in essence about the plumbing of the financial system and it’s a new technology that can really enhance the financial system."

Others with significant familiarity with cryptocurrency on Biden's transition team include MIT Professor Simon Johnson, Georgetown University law professor Chris Brummer, University of California – Irvine School of Law professor Mehrsa Baradaran and Columbia University law professor Lev Menand.

Each of these individuals has weighed in on the potential benefits or complications of using cryptocurrencies for various issues.

Gensler did not return a previous request for comment.

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