Oh, he could have talked to them for hours. Chewed their ears off for days. Weeks, even. Gary Gensler had an almost inexhaustible supply of material with which to regale the Senate Banking Committee: “Oh, senators, you should see the absolutely ridiculous things fraudsters of all types and stripes try to get past us. Seriously, you wouldn’t believe what comes across my desk.” “Wait ‘til you hear about how I’m going to mess with Robinhood by pretending to be open-minded about payment for order flow before making it a capital offense and shutting them down,” to say nothing of all of the many other things he plans to put a stop to and troll endlessly. “I’ve learned so much about artificial intelligence in finance, and I don’t like any of it.” “Let me tell you about some people who thought they were unregulatable.” “Want to hear something funny: It’s about how I’m going to demolish Donald Trump’s regulatory legacy by just ignoring it.” “I, too, think Bill Ackman is an asshole. Oooh, oooh, and I can’t wait to tell you how we’re screwing with SPACs by just, like, misplacing their applications. It’s awesome to hear how angry the sponsors get. Want me to play you some tapes?”
But no: Gary Gensler may be an ultramarathoner with unlimited stamina, but the Senate Banking Committee has limited time. And so the chairman of the Securities and Exchange Commission had to limit himself to a mere precis of what he hopes to accomplish in the immediate future.
Among the fights looming with industry groups are potential rule changes for brokers that sell customers’ orders to high-speed trading firms, the SEC’s plans to increase public companies’ disclosure requirements about their workforces and risks stemming from climate change, and efforts to police the fast-growing cryptocurrency market…. He also said that he has asked SEC staff to enhance disclosures from private funds—a category that includes venture capital, hedge funds and private equity—to their investors. Mr. Gensler didn’t go into additional detail in his prepared remarks.
Mr. Gensler repeated calls for cryptocurrency trading platforms to “come in and talk to us” given the SEC’s view that many of the assets they offer to investors meet the agency’s definition of a security.
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