Gary Gensler, the former Obama-era chairman of the Commodity Futures Trading Commission, is reportedly set to be named as chairman of the Securities and Exchange Commission for the incoming Biden administration, as reported by Reuters.

The nomination will be announced in coming days, citing sources with knowledge of the process. Gensler was added to Biden's transition team in November shortly after the U.S. presidential election.

Gensler is not a crypto fan, however he has argued that the technology has helped expose underlying payments problems in the U.S. today.

If confirmed, Gensler will take over an agency that plays a key role in U.S. government's action on the crypto and blockchain front. Gensler would likely play a key role in any consideration of a bitcoin ETF, given renewed efforts to launch one in the U.S. and institutional interest in such products.

By Emily Mason