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Those in the cryptocurrency sector likely know the name Gary Gensler all too well. As the Chairman of the U.S. Securities and Exchange Commission, Gensler has been one of the biggest voices for cryptocurrency regulation since he took the position in 2021.
Here’s a look back and how an investment in Bitcoin (CRYPTO: BTC) would have fared since Gensler took office.
What Happened: Gensler was nominated to the role of SEC Chairman by President Joe Biden on Feb. 3, 2021. Prior to the role, Gensler was a professor at MIT and had previously worked at Goldman Sachs.
The U.S. Senate confirmed Gensler for the role on April 14, 2021 and he was sworn into the role on April 17, 2021.
Gensler is scheduled to serve a five-year term that will end on June 5, 2026.
“I feel incredibly privileged to join the SEC’s team of remarkable public servants,”
“As Chair, every day I will be animated by our mission: protecting investors, facilitating capital formation, and promoting fair, orderly, and efficient markets," Gensler said at the swearing-in.
While some were optimistic in Gensler’s hiring since he had previously taught on the blockchain, the SEC Chair has now angered many in the industry.
The SEC has fought against cryptocurrency platform Coinbase Global (NASDAQ:COIN), Binance (CRYPTO: BUSD) and many other companies in the space.
Given Gensler's opposition to cryptocurrency, many in the industry and some members of Congress have called for his removal.
While Bitcoin had an eventful 2021 hitting all-time highs of nearly $69,000 in November, investors who bought the leading cryptocurrency when Gensler took office would be sitting on losses today.
Related Link: How To Buy Bitcoin
Investing $1,000 in Bitcoin: Bitcoin hit a high of $62,572.18 on April 17, 2021 — the day Gensler was sworn into office.
A $1,000 investment on that day could have purchased 0.01598 Bitcoin.
That investment would be worth $434.90 today, based on a price of $27,215.52 for Bitcoin at the time of writing. This represents a loss of 56.6% for investors who bought Bitcoin when Gensler was sworn in.
For comparison, the same $1,000 invested in the SPDR S&P 500 ETF Trust, which tracks the S&P 500 stock market index, would be worth $1,029.26 today. This represents a return of 2.9%.
Read Next: Coinbase CEO Wants Gary Gensler out Of SEC
Join Benzinga’s Future of Digital Assets in New York City on Nov. 14, 2023, to hear more on cryptocurrency regulation. Get your tickets now!
Photo: Created with an image from Shutterstock and Third Way Think Tank on flickr
