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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.
By Nikhilesh De
Updated Sep 14, 2021, 10:35 a.m. Published Nov 25, 2020, 10:51 p.m.
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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.
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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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KuCoin captured a record share of centralised exchange volume in 2025, with more than $1.25tn traded as its volumes grew faster than the wider crypto market.
Cosa sapere:
- KuCoin recorded over $1.25 trillion in total trading volume in 2025, equivalent to an average of roughly $114 billion per month, marking its strongest year on record.
- This performance translated into an all-time high share of centralised exchange volume, as KuCoin’s activity expanded faster than aggregate CEX volumes, which slowed during periods of lower market volatility.
- Spot and derivatives volumes were evenly split, each exceeding $500 billion for the year, signalling broad-based usage rather than reliance on a single product line.
- Altcoins accounted for the majority of trading activity, reinforcing KuCoin’s role as a primary liquidity venue beyond BTC and ETH at a time when majors saw more muted turnover.
- Even as overall crypto volumes softened mid-year, KuCoin maintained elevated baseline activity, indicating structurally higher user engagement rather than short-lived volume spikes.
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Here’s why bitcoin’s is failing its role as a 'safe haven' versus gold
Bitcoin behaves more like an "ATM" during uncertain times, with investors quickly selling it to raise cash.
What to know:
- During recent geopolitical tensions, Bitcoin lost 6.6% of its value, while gold rose 8.6%, demonstrating bitcoin's vulnerability in times of market stress.
- Bitcoin behaves more like an "ATM" during uncertain times, with investors quickly selling it to raise cash, contrary to its reputation as a stable digital asset.
- Gold remains the preferred hedge for short-term risks, while bitcoin is better suited for long-term monetary and geopolitical uncertainties that unfold over years.
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