Cryptocurrency Market Jumps After Gary Gensler Passes Senate Committee Vote

The cryptocurrency market reached a market cap of $1.7 trillion on March 11 after the Senate Banking Committee in the US voted in favor of Gary Gensler to take charge as the Chairman of the Securities and Exchange Commission (SEC).

According to the official announcement, the Senate Committee voted 14-10 in favor of Gensler. In January 2021, US President Joe Biden nominated Gensler to lead the SEC. The cryptocurrency market jumped nearly 3% following the news.

Gensler is known for his soft stance on cryptocurrency assets. Earlier this month, Gensler said that he will work to promote innovation. The former Chief of the US Commodity Futures Trading Commission (CFTC) added that Bitcoin and other digital currencies brought new thinking to payments and financial inclusion.

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