Gary Gensler has been finally confirmed as chairman of the Securities and Exchange Commission (SEC) after a 53-45 vote by the Senate on Wednesday, the day the crypto and traditional markets are all eagerly awaited the Coinbase listing on Nasdaq.

Gensler, chosen for the nation’s top financial regulator by US President Joe Biden, began his career as a banker at Goldman Sachs. He previously also served as chairman of the Commodity Futures Exchange Commission (CFTC) and implemented new rules around derivatives in the aftermath of the 2008 financial crisis.

As SEC Chair, not only Gensler will play a key role in enforcing and drafting rules that govern Wall Street but will also be shaping the regulations addressing the crypto industry.

The crypto market has high hopes from Gensler, even SEC Commissioner Hester Peirce said in a public statement that with the new chair, this

“is the perfect time for the Commission to consider afresh how our rules can be modified to accommodate this new technology in a responsible manner.”

Gensler, who has taught about blockchain and cryptocurrency at MIT, said last month during his confirmation hearing that he will work on promoting both innovation and investor protection in the sector. At the time he had said,

“Bitcoin and other cryptocurrencies have brought new thinking to payments and financial inclusion, but they’ve also raised new issues of investor protection that we still need to attend to.”

The crypto market is also expecting good news regarding a Bitcoin ETF approval under his chairmanship.

“I think digital assets will be his legacy,” Michelle Bond, a former senior counsel at the SEC who is now CEO of the Association for Digital Asset Markets told CNBC.

“This is a global phenomenon. He is going to focus on registration of exchanges, regulation, retail protection, and he will be looking to root out fraud and manipulation.”

“This is a man who created a regulatory framework for swaps, and he has all the expertise to create a firmer regulatory framework for digital assets.”

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