President-elect Joe Biden is planning to nominate Gary Gensler to serve as chairman of the Securities and Exchange Commission, according to multiple news reports.
Should Gensler be confirmed by the Senate, his serving as the top securities regulator would likely lead to an abrupt shift in ideology and harder line on the financial services industry compared to the tenure of former Chairman Jay Clayton, who stepped down at the end of 2020. 
Gensler was chairman of the U.S. Commodity Futures Trading Commission (CFTC) from 2009 to 2014, where he led reforms of the $400 trillion s
wap trading market, implementing stringent new trading rules mandated by the Dodd-Frank Wall Street Reform and Consumer Protection Act, following the 2008 financial crisis. He also led the agency as it brought charges against five financial institutions for the manipulation of LIBOR and other benchmark interest rates, resulting in billions of dollars in penalties.
Gensler was the chief financial officer of Hillary Clinton’s 2016 presidential campaign, and has been serving as the team lead for the Federal Reserve, Banking and Securities Regulators group of the Biden-Harris Transition Team.
Currently, Gensler is a Professor of the Practice of Global Economics and Management at the MIT Sloan School of Management, where he has conducted research and taught on blockchain technology, digital currencies, financial technology and public policy.
He also was senior advisor to former Sen. Paul Sarbanes (D-MD) in writing the Sarbanes-Oxley Act (2002), which reformed corporate responsibility, accounting and securities laws. Gensler also served as Under Secretary of the Treasury for Domestic Finance (1999-2001) and Assistant Secretary of the Treasury (1997-1999) during the Clinton Administration. Prior to his public service, Gensler worked at Goldman Sachs from 1979-1997. He also is co-author of The Great Mutual Fund Trap.
Biden has not yet formally announced the nomination, but reports indicate that will happen in the next few days.
Elad Roisman is currently serving as Acting Chairman of the SEC.
