Gary Gensler's SEC nomination clears Senate committee vote

Regulation • March 10, 2021, 4:22PM EST

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.

About Author

Aislinn Keely is a reporter on The Block's policy team holding down the legal beat. She covers court decisions, bankruptcies, regulatory actions and other key moments in the legal sphere, putting them in context for the wider crypto industry. Before The Block, she lent her voice to the NPR affiliate WFUV and helmed Fordham University's student newspaper. Send tips or thoughts on all things policy and legal to [email protected] or follow her on Twitter for updates @AislinnKeely.