Gary Gensler, President Joe Biden's pick to lead the Securities and Exchange Commission (SEC), is one step closer to taking office.
The Senate Banking Committee voted to confirm Gary Gensler's nomination today in a 14-10 vote.
Now, Gensler's nomination is headed to the Senate floor for a final vote. A date has yet to be set, though it's possible that a confirmation vote could occur as soon as later Tuesday. Allison Herren Lee remains acting chairwoman of the U.S. securities regulator until Gensler's nomination clears the Senate.
The vote followed Gensler's March 2 confirmation hearing. Lawmakers included some questions on the intersection of innovation and regulation, with some crypto-specific queries. Gensler said that crypto has undoubtedly been a "catalyst for change" in the payments system, creating new opportunities for financial inclusion — and new issues of investor protection. Gensler previously led the Commodities Futures Trading Commission (CFTC) during the Obama administration.