SEC Chair Gary Gensler reflected on his tenure and defended his stance on crypto regulation during a securities law conference.
Gensler Reviews Tenure as SEC Chair
Gary Gensler, the Chair of the Securities and Exchange Commission (SEC), delivered a speech at the 56th annual Practising Law Institute’s conference on securities regulation. The speech had an air of reflection, with Gensler expressing pride in his time at the SEC, which he has led since April 2021. While he did not announce his resignation, the tone suggested a farewell may be on the horizon.
Highlighting Accomplishments
During his address, Gensler reviewed several key accomplishments under his leadership. He emphasized the SEC’s new disclosure rules, including data breach notifications, executive pay transparency, and stricter controls for investors looking to acquire more than a 5% stake in companies. These reforms aimed at improving transparency and protecting investors were central to Gensler’s tenure.
Crypto Regulation Defense
Gensler dedicated a significant portion of his speech to defending the SEC’s approach to crypto regulation. He reiterated that while Bitcoin is not considered a security, thousands of other digital assets fall under the SEC’s jurisdiction. Gensler reaffirmed the importance of crypto firms registering with the SEC, especially intermediaries like exchanges, to ensure proper oversight. He warned that the lack of adequate policing has led to significant harm to investors, as many digital assets lack proven use cases.
Focus on Market Structure
Aside from crypto regulation, Gensler noted progress in the SEC’s market structure policies. His administration implemented central clearing for U.S. Treasuries, shortened stock settlement times from two days to one, and allowed stocks to be quoted in smaller increments. These changes aimed to improve efficiency and fairness in financial markets.
A ‘Proud to Serve’ Moment
Although Gensler didn’t explicitly say he was stepping down, his speech concluded with a reflective note. He expressed pride in working with the SEC staff, praising their dedication to protecting American investors. His speech hinted at a possible end to his term, leaving industry observers to speculate about his future.
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