That means SPACs will almost certainly be scrutinized. One thing the past three months have shown is that the stock and bond markets have a way of quickly writing the agenda for anyone who leads the S.E.C. “Diversity in boards and senior leadership benefits decision-making,” he said. Gensler spoke strongly for heightened requirements for companies to disclose climate risks and diversity efforts. In a 2018 interview, he said digital assets could at times appear to be both a commodity and a security.
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Gensler, while teaching at M.I.T., acknowledged that regulators had struggled with how to treat digital assets. “to engage in a meaningful discussion of how to regulate fintech companies and individuals that are creating NFTs that may be deemed digital asset securities.” The company, in its letter, asked the S.E.C. to weigh in on whether nonfungible tokens, which are being used to create digital art, are securities that require registration. More recently, a brokerage affiliated with Sustainable Holdings, a financial technology company, asked the S.E.C. Clayton stepped down as chairman in the waning days of the Trump administration. The enforcement action was one of the last brought before Mr. said the company was selling unregistered securities, while Ripple and others said the tokens should be classified as a digital currency. sued the San Francisco company Ripple Labs in December over the sale of its popular digital tokens to the public. The question grew in importance after the S.E.C.
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Gensler to focus on reforming the rules around corporate disclosures - including seeking more transparency from companies and big investors on their risks from climate change and contributions to it, as well as diversity on company boards - because it affected much of his agenda. is he has ability to move a very broad agenda and very fast,” said Dennis Kelleher, chief executive of Better Markets, a nonprofit, who served on President Biden’s financial policy transition team, which Mr.
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“One thing that Gary demonstrated very well at C.F.T.C. Gensler’s experience running the Commodity Futures Trading Commission during the heat of the 2008 financial crisis makes him particularly well suited for this hectic moment on Wall Street. Gensler, a former Goldman Sachs banker and business school professor, expect him to move quickly on those issues, as well as the rest of his agenda. has already opened inquiries into the GameStop and the Archegos situations and issued warnings to investors about the froth building around SPACs.
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“Gensler is going to be confronted with a range of enforcement issues, and he is going to have to determine what his priorities are,” said Daniel Hawke, a former chief of the S.E.C.’s market abuse unit and now a partner with the law firm Arnold & Porter. Then there’s Archegos Capital Management, the $10 billion fund whose implosion last month caused billions of dollars in losses for several Wall Street banks and spotlighted the loosely regulated world of family offices. should do more to protect small investors, who have recently become a major force in the stock markets, pushing up penny stocks and setting off the frenzied trading in shares of GameStop. One of the first things he will probably have to weigh in on as chairman is whether to assert more control over the red-hot market for special purpose acquisition companies, or SPACs, those speculative businesses that have raised well over $100 billion from investors. Gensler, 63, was confirmed to lead the Securities and Exchange Commission last Wednesday, and took office on Saturday. Gensler.Ī former banker and regulator, Mr. But the market may already be dictating some of the agenda for Mr. Wall Street’s new watchdog, Gary Gensler, is coming to the job with an ambitious agenda that includes taking a hard look at how to regulate digital currencies and requiring more environmental disclosures of companies.