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What to expect from Gary Gensler’s testimony

SEC Chair Gary Gensler testifies to the Senate Banking Commission today after five months of employment. Since his confirmation, his official statement has produced a lot of debate, a lot of headlines, and some market movements.Based on him this morning Prepared remarks, He claims additional resources on the committee to achieve a broader agenda than many of his predecessors.

Here are some things you can expect about hot button issues:

Gensler wants to “renew” the rules.. In order to promote efficiency and competition, he has structural issues such as whether there is too much concentration among market makers, and Order flow payment.. In Gensler’s remarks, the goal is to speed up transaction settlement, which currently takes about two business days, and a Republican senator wants him to pursue it.

Buyers should be careful when it comes to cryptography. Gensler would say that the new digital currency market resembles the pre-securities era: he wants more investor protection Cryptographic finance,Issue, transaction When lending.. Elizabeth Warren, a senator from the Massachusetts Democratic Party, has spoken openly about regulatory gaps in the crypto industry and will follow up on these concerns, he said. Senator Cynthia Lummis, a Republican in Wyoming, will also impose restrictions on Gensler, but with a focus on reflecting her support for the crypto industry. “We need a balanced legal framework for digital assets that enable innovation and protect consumers,” she told DealBook in a statement.

More necessary disclosures on climate risk, human capital and cybersecurity are underway. Perhaps feeling the resistance he faces on this issue, Gensler said, “These proposals will be announced by economic analysis and made into public comments, so we can have a strong public discussion.” I say. Patrick Toomy, a member of the Pennsylvania Rankings Commission, has previously supported additional disclosures on environmental, social and governance issues and may update these criticisms at hearings.

What to expect from Gary Gensler’s testimony

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