GARY GENSLER has become one of the most prominent crypto-sceptics in the world in his role at the US finance regulator, the SEC.
Since taking on the job he has overseen a crackdown on crypto, insisting the sector must be subjected to tougher regulation.
But what is the story behind the SEC chairman? And what is his net worth?
Who is Gary Gensler?
Gary Gensler was born on October 18, 1957 alongside his twin brother into a Jewish family from Baltimore, Maryland.
The future financier first became interested in the world of money while still a child. His father, Sam, was a cigarette and pinball machine vendor. At a young age, Gentler would be taken to bars with his dad to count the nickels made from the vending machines.
Eager to have a career in banking, Gensler studied economics at the University of Pennsylvania, graduating in 1978, and then studied a master’s in business administration the following year.
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Upon completing his studies, in 1979, at the age of 24, Gensler joined the global investment bank Goldman Sachs. He was made a partner at the firm just six years later at the age of 30 – making him one of the youngest partners at the firm at the time.
His last role at Goldman was co-head of finance before in 1997, he chose to quit the firm in order to join Bill Clinton’s administration.
Between 1997 and 1999 he worked as the US government’s assistant secretary of financial markets, and then from 1999 to 2001 he worked as undersecretary of domestic finance.
After President George Bush took office in 2001, Gensler worked for Democratic senators. His next big role did not come until 2009 when Barack Obama entered the White House.
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Following the 2008 financial crash, Obama made Gensler the chair of the US Commodity Futures Trading Commission, overseeing reform to protect the markets from future crashed. He served in the role until 2014.
When Obama’s Vice President, Joe Biden, succeed in becoming President in 2021, Gensler was made chair of the US Securities and Exchanges Commission (SEC). Tackling crypto was one of his top priorities.
Gary Gensler’s crypto crackdown
Gary Gensler has long been a critic of the way crypto firms operate and said in 2018 before taking on his role at the SEC that the tokens should be more heavily regulated than oil.
After the collapse of crypto exchange FTX in November 2022, the SEC chair started a crackdown on the sector.
While a number of enforcement actions were taken against firms operating in the space in 2021 and 2022, at the start of 2023 the number of investigations was ramped up.
The SEC has such down numerous crypto exchanges, accusing them of failing to register as a security under US law and therefore not operating within the country’s legal framework.
In fact, in February, Gensler suggested that within crypto “everything other than Bitcoin” was legally required to be regulated.
He added other crypto projects “are securities because there’s a group in the middle and the public is anticipating profits based on that group”.
What is Gary Gensler’s net worth?
Gary Gensler is thought to be worth as much as $119million.
When he was first nominated by US President Joe Biden for the role of chairman of the Securities & Exchange Commission, Gensler had to outline the value of his income and assets.
In order to respect his privacy, the figures detailed on the form were given via bands of money. Added together, the disclosure tally up to a net worth of between $41 million and $119 million.
Gensler’s biggest holding was the Vanguard Total Stock Market ETF, with his asset worth between $25million and $50million. He also earnt between $50,001 to $100,000 in capital gains from his holding of Tesla Inc. shares.
