First, here is some biographical information on Gensler from Wikipedia:
As the Treasury Department’s undersecretary for domestic finance in the last two years of the Clinton administration, Gensler found himself in the position of overseeing policies in the areas of U.S. financial markets, debt management, financial services, and community development. Gensler advocated the passage of the Commodity Futures Modernization Act of 2000, which exempted credit default swaps and other derivatives from regulation. The Senate was expected to examine his views on derivatives regulation during the Senate confirmation hearings.
We can see that there are reasons to doubt Gensler's commitment to serving the public's interest. See also here, here and here.
In March 2009, Senator Bernie Sanders (I-VT) attempted to block his nomination to head the Commodity Futures Trading Commission. A statement from Sanders’ office said that Gensler “had worked with Sen. Phil Gramm and Alan Greenspan to exempt credit default swaps from regulation, which led to the collapse of AIG and has resulted in the largest taxpayer bailout in US history.” He also accused Gensler of working to deregulate electronic energy trading, which led to the downfall of Enron, and supporting the Gramm-Leach-Bliley Act, which allowed American banks to become “too big to fail.”
But others view Gensler in a more positive light: See here, here and here.
I now have more respect for the problems that Gensler has to face in carrying out his mandate, not the least of which are the two viewpoints in Congress where some want more regulation and others want less. There is also a problem with funding the work of the CFTC.
One thing we are sure of: derivatives need to be regulated.
Here is Gensler talking about how he proposes to regulate and write the rules on derivatives:
See the video here
We sincerely hope that whatever regulations the CFTC comes up with, they will help to avoid speculation on food which has taken place in the past. See the article about Goldman Sachs's speculation on food in 2006 here.