The Senate confirmed Gensler's appointment Wednesday afternoon in a vote of 53 to 45, placing the 63-year-old academic and former investment banker atop the agency charged with maintaining fair, orderly and efficient markets. Mr. Gensler was most recently professor of the practice of global economics and management at the MIT Sloan School of Management. Let us know how you think Gary’s appointed as new SEC chair will impact crypto market? The Senate on Wednesday confirmed President Joe Biden's nomination of Gary Gensler, a former Goldman Sachs banker and a forceful commodities regulator under former President Barack Obama, to head up the Securities and Exchange Commission, setting the stage for widespread reform as the agency takes on unprecedented stock-market volatility and booming institutional adoption in the nascent cryptocurrency space. Gensler will bring experience from his career in academia to bear, coming to the SEC from the Massachusetts Institute of Technology Sloan School of Management where he was a professor of the practice of global economics and management. The U.S. Securities and Exchange Commission (SEC) now has a new chairman, Gary Gensler. Chairman Blando swore in the new Board member, Chris Lewis, representative of Department of Energy and Environmental Protection. The Senate on April 12, 2021, will consider approving the nomination of Gary Gensler for SEC chairman. There, he headed up an effort to increase transparency and reduce risk in the $400 trillion swaps market—drawing praise from former Treasury Secretary Jacob Lew, who reportedly called Gensler one of the leading reformers in the aftermath of the 2008 financial crisis. Thai Central Bank will be piloting a new central bank digital currency (CBDC) in 2022, CoinDesk writes. I'm a wealth management staff writer at Forbes based in New York. Gary Gensler will be named chair of the U.S. Securities and Exchange Commission (SEC) by President-elect Joe Biden, said two sources familiar with the matter. The question remains whether he will strengthen the current law of the land, Regulation Best Interest, through an increased disclosure requirement or take on the larger task of reopening the longstanding debate by taking another look at the definition of fiduciary duty. Biden to name Gary Gensler as SEC Chairman: reports ... 2021 at 4:00 p.m. While issues like ESG and cryptocurrency have been building in prominence and were certain to be top of mind for the next chair, the GameStop stock rally earlier this year fueled by Reddit thrusts issues around online brokerages and order flow onto Gensler’s docket. PCAOB Chairman William D. Duhnke III. His selection as SEC chair signals a policy shift in favor of a bitcoin ETF. The bank has also said it will be accepting feedback on the project until June 15, 2021. That is the opening of a 2019 simulation on ‘Cryptocurrency and national insecurity’ in which Gary Gensler, who is rumored to be the new chair of the Securities and Exchanges Commission (SEC), took part. A lifelong New Yorker, I got my M.A. The Next Step | Small Business Video Series. © 2021 Forbes Media LLC. The new head of the Securities and Exchange Commission said Friday that more investor protections are needed in the markets for bitcoin and other crypto assets. I graduated from the University of North Carolina at Chapel Hill, where I double-majored in business journalism. Lee said the commission plans to look at order flow payments in a Feb. 25 response to a letter from Senator Elizabeth Warren. A New SEC Chair Ignites Hopes for a Bitcoin ETF. Many of the issues he is set to tackle were already on the radar of the SEC under Acting Chair Allison Herren Lee. Gary Gensler has been sworn in as the new Chairman of the United States Securities and Exchange Commission (SEC), following his nomination by President Joe Biden and his subsequent confirmation by the Senate on April 14, 2021. A Baltimore native, Gensler graduated from the University of Pennsylvania's Wharton School of Business before spending nearly two decades as an investment banker at Goldman Sachs, becoming one of the storied financial institution's youngest partners at the time. The SEC has long delayed issuing firm regulation targeting digital currencies given its purview over securities (and not currencies), but Gensler—a professor focused on cryptocurrencies and blockchain technology at the MIT Sloan School of Management—will be overseeing the agency as it takes on a slew of bitcoin exchange-traded fund applications and as it investigates Ripple, the firm behind one of the world's largest cryptocurrencies, for the alleged sale of unregistered securities. Gary Gensler is nominated by U.S. President Joe Biden to be the next SEC Chairman. Kimberly Hamm, Chief Counsel to SEC Chairman, to Conclude Tenure. Ignoring the dramatic angle of this simulation, much of it has become real now two years on. You may opt-out by. Biden nominates Gary Gensler for SEC commissioner, Rohit Chopra to lead Consumer Financial Protection Bureau By Arlette Saenz and Gregory Krieg , CNN Updated 8:18 AM EST, Mon January 18, 2021 Updated Apr 14, 2021, 01:31pm EDT. Acting SEC Chair Lee discusses a new direction for the SEC on ESG. Spring and Bondly NFT Partnership Unlocks Digital Potential for Creator Economy. All Rights Reserved, This is a BETA experience. You may opt-out by, The Next Step | Small Business Video Series, Archer Daniels Midland A Top Ranked SAFE Dividend Stock With 2.2% Yield, It’s Not Just Crypto Crashing: Here Are All The Market Bubbles Popping So Far This Year, Regeneron, Weis Markets And 3 Other Unfluctuating Stocks That May Make A Move, Ford, Lifetime Brands And 28 Other Companies With Attractive Levels Of Price-To-Free-Cash Flow, Last Week’s Volatility Could Be The Start Of A Bear Market, Growth Stocks Rebound On Good, Not Great Economic Release, Icon: The Untold Story Of Crypto Billionaire Sam Bankman-Fried. This comes about a month after the Senate Banking Committee voted 14 to 10 to advance his nomination. Elections have consequences, as they say, and one of those consequences is new leadership at the SEC who bring with them a markedly different agenda. Gary Gensler, the former CFTC Chairman known for his tough approach to regulation, is rumored to be the Biden administration’s choice to head the U.S. Securities and Exchange Commission (SEC). He then asked for a nomination for the new Board Secretary. Follow me on Twitter at @JBisnoff. On April 22, 2021, Ms. Alex Oh was named the new Director of the U.S. Securities and Exchange Commission’s (SEC) Division of Enforcement. “This narrative that there's going to be some big change in examination and enforcement is way overblown. President Biden has nominated Rohit Chopra to the post, an acolyte of Senator Warren who helped create the bureau. Viewed as a leading reformer after the 2008 financial crisis, Gensler opened his nomination hearing in March by touting his five-year stint as chair of the Commodity Futures Trading Commission and cautioning that "when we fail to root out wrongdoing, or to adapt to new technologies, or to really understand novel financial instruments, things can go very wrong.". First, new SEC chairman Gary Gensler sat down for an interview with CNBC’s “Squawk Box,” in which he sounded several alarm bells about the safety of crypto markets.. Then yesterday afternoon, the SEC’s Division of Investment Management released a public statement warning investors about the risks associated with open-end funds investing in Bitcoin futures. Shannon Stapleton/Reuters. If Gensler surprised the industry by proposing the types of regulations championed by the likes of Senator Warren or others progressive lawmakers, it could cause panic, Champ admits. For now there is not much worry in financial services about the new leadership at the SEC, according to Champ, who spent nearly five years at the SEC serving as director of the Division of Investment Management, deputy director of the Office of Compliance, Inspections and Examinations and the associate regional director for examinations in the regional office located in New York. Since the 2021 fiscal year began on October 1, 2020, the SEC has awarded over $176 million to 28 individuals – a new record for the total dollar amount awarded to whistleblowers in a fiscal year. I'm a reporter at Forbes focusing on markets and finance. The secretary of the treasury is the principal economic advisor to the president of the United States … Todd Shriber April 19, 2021 . New SEC Chairman Talks About Bitcoin, Crypto Regulation ... May 12, 2021. It is really a disservice to the staff to say otherwise,”  Champ adds. “I am pleased to announce the appointment of Michael Carter, Robert Ford, and Ken Xie as new members of the U.S.-Brazil CEO Forum,” Secretary Raimondo said. A petition has been started calling on U.S. Securities and Exchange Commission (SEC) Chairman-Designate Gary Gensler to end the lawsuit against Ripple Labs and its executives over XRP tokens.The petition also demands “a thorough investigation of the matters that led to the last-minute lawsuit against Ripple, filed on the last day in office by former SEC Chairman … "Unfortunately, when he was the chairman of the CFTC, Mr. Gensler demonstrated a willingness to push the legal limits of that agency's authority," Sen. Patrick Toomey (R-Pa.), a member of the Senate Banking Committee who voted against Gensler’s nomination, said on the chamber’s floor Tuesday. The exam division featured ESG, climate risks and Reg. SEC Moves Signal More Aggressive Enforcement Under Biden, SEC Commissioner Explains Why A Delayed Bitcoin ETF Has Consequences. The $100M deli owned by N.J. wrestling coach cancels consulting deal with shareholder in new SEC filing Updated Apr 26, 2021; Posted Apr 26, 2021 … 2021-13 Washington D.C., Jan. 21, 2021 — The Securities and Exchange Commission announced today that President Joseph R. Biden, Jr. has designated Allison Herren Lee as Acting Chair of the agency. During his confirmation process, Gensler has not indicated his preferences to lead the five largest division within the commission, the Division of Enforcement, the Division of Corporation Finance, the Office of Compliance Inspections and Examinations, the  Division of Trading and Markets and the Division of Investment Management. “It’s an honor to continue my service on the Commission in this new role,” Acting Chair Lee said. It's quite difficult to imagine a new SEC chair who wasn't around during the investigation & vote on the enforcement action reversing policy here. A petition has been started calling on U.S. Securities and Exchange Commission (SEC) Chairman-Designate Gary Gensler to end the lawsuit against Ripple Labs and its executives over XRP tokens. (Former CFTC Chair Gary Gensler is expected to serve as the permanent SEC Chair, but will first need to go through the confirmation process. Chairman Moss called the meeting to order at 7:00 p.m. Those asked specifically to attend this call meeting were the following: Gary Gensler Confirmed As New SEC Chairman As Agency Tackles GameStop Saga, ESG Boom And Cryptocurrency. “People are taking a wait-and-see approach,” he says. Business 13 January 2021 Jon Southurst . Today, the SEC announced that President Biden —Happy Inauguration Day +1—has appointed Democratic SEC Commissioner Allison Lee as the new Acting SEC Chair to replace the Republican appointee, Elad Roisman. © 2021 Forbes Media LLC. The United States secretary of the treasury is the head of the United States Department of the Treasury, which is concerned with all financial and monetary matters relating to the federal government, and, until 2003, also included several major federal law enforcement agencies. To many Bitcoin Investors and enthusiasts, the US Securities and Exchange Commission is a significant barrier to Bitcoin mainstream status. It appears that the under-fire blockchain firm Ripple has hopes that the new SEC administration will be crucial to its legal battle. ... Our main discussion: Gary Gensler rumored to be the new SEC Chair. On May 6, 2021, SEC Chair Gary Gensler participated in his first Congressional hearing, before the House Committee on Financial Services, joined by Robert Cook, President and CEO of FINRA and Michael C. Bodson, the CEO of The Depository Trust & Clearing Corporation. In an interview with Forbes last month, SEC Commissioner Hester Peirce acknowledged Gensler will have a "very busy agenda—much of which will have nothing to do with crypto," but she said he's likely to be "sympathetic to the call for regulatory clarity" in the space. 9:47 PM UTC U.S. SEC chair planing new workforce data disclosures for public companies. I graduated from the University of North Carolina at Chapel Hill, where I double-majored in business journalism and economics while working for UNC's Kenan-Flagler Business School as a marketing and communications assistant. However, one area where Champ expects to see a large change from the previous regime is the reemergence of the Financial Stability Oversight Council, created in the aftermath of the financial crisis as part of the Dodd-Frank Wall Street Reform and Consumer Protection Act, in order to identify and monitor excessive risks in the U.S. financial system. Mr. Gensler succeeds Jay Clayton, whose tenure ended in December 2020. The new SEC Chairman has already mentioned SPACs as part of his approach to regulating investments. Chief among his concerns, Toomey said Gensler seemed willing to "impose regulations that would make investing more expensive and difficult for retail investors" as a means to curb recent stock-market volatility. He said: “I think to the extent something is security the SEC has a lot of authority and a lot of crypto tokens — I won’t call them cryptocurrencies for this moment — are indeed securities. — Jake Chervinsky (@jchervinsky) January 12, 2021 All-in-all, Gensler’s appointment as chair of the SEC should be bullish for bitcoin and the crypto community at large. He also served as co-director of a fintech group at the school as well as a senior advisor to the MIT Media Lab Digital Currency Initiative in between his two stints running financial regulators. "Based on his record as a regulator in the past and statements that he's made during the course of his nomination process, I am concerned that he will use the SEC and its regulatory powers to advance an agenda that should not be the purview of the SEC—specifically on global warming, climate change, political spending disclosures and issues of racial inequality and diversity." The financial services industry is still looking for a cohesive approach on the categorization of digital assets, which depending on the regulatory body has been considered a commodity, property, currency and a security. PolkaLokr Listing on AscendEX. SEC Chairman Gary Gensler deftly handled four hours of questioning from lawmakers, including a query about Reg BI. FOR IMMEDIATE RELEASE 2021-11 Washington D.C., Jan. 19, 2021 — There will certainly be more rules, but from the policing perspective the SEC has been pretty darn active.”. Gary Gensler served as Commodity Futures Trading Commission chair during the Obama administration ... [+] before being named chair of the Securities and Exchange Commission by President Joe Biden. He continued, I think Gary Gensler is far, far more attuned to you know what his role is and understanding the intricacies of crypto. Down 80% From Highs, QuantumScape Stock Still Looks Risky, Shop Till You Drop: Walmart, Home Depot Earnings Smash Expectations, Lifting Market, Investment Giant Fidelity Will Let Your Teen Trade Stocks—For Free, 3 States Offer $1,000, $1,200 And $2,000 Return To Work Bonuses As More End $300 Unemployment Benefit, Operating Lease Disclosures: Updating The Good, The Bad & The Non-Compliant. (Forbes), SEC Moves Signal More Aggressive Enforcement Under Biden (Forbes), SEC Commissioner Explains Why A Delayed Bitcoin ETF Has Consequences (Forbes), I'm a reporter at Forbes focusing on markets and finance. Rumored new SEC head Gary Gensler could spell more regulation for digital asset industry. The petition also demands “a thorough investigation of the matters that led to the last-minute lawsuit against Ripple, filed on the last day in office by former SEC Chairman … Ms. Oh was most recently a partner in private practice where she served as co-chair of her law firm’s Anti-Corruption & FCPA Practice Group. May 12, 2021. He also went on record in 2018 saying there's "a strong case" that XRP is a security, signaling no shift on that issue. President Joe Biden’s pick, the MIT professor, whose classes included blockchain technology, digital currencies, and financial technology, has been confirmed by the Senate to lead the SEC. Gary Gensler was sworn in Saturday to be chairman of the Securities and Exchange Commission, where he’ll be President Joe Biden’s top cop on Wall Street. Thursday, May 6, 2021, 10am . The new Chairman joins the Commission at a key point in the agency’s history as the emergence of digital assets has challenged the regulator to establish new … Following Gary Gensler‘s confirmation as Chairman of the Securities and Exchange Commission by the Senate Banking Committee in the United States, the overall market capitalization of cryptocurrencies … Gary Gensler testifying before a Senate Committee during his five-year stint as chairman of the ... [+] Commodity Futures Trading Commission. Gensler, who previously served as chair of the Commodity Futures Trading Commission, was approved by the United States Senate on April 14 after a delay . On April 13, 2021, ... Chairman Gensler may pursue new SEC rules and regulations, as well as federal legislation, concerning digital assets. In this episode, NLW discusses: … Chris Matthews Comments. Chairman Frank P. Blando called the meeting to order at 9:45am. Virtual Hearing . from the Craig Newmark Graduate School of Journalism at the City University of New York. Mubarak Zeb Khan Published April 7, 2021 Javed Ghani, who is the fourth chairman of the FBR appointed in the tenure of the PTI-led government, will reach superannuation on … The SEC also should not use enforcement actions as a backdoor for imposing new regulations on ESG and climate change issues. The Senate only voted to confirm Gensler for the remainder of the term expiring June 5, so it will need to hold another vote for his second term. The Senate Banking Committee has given bipartisan approval to President Biden’s pick for SEC chairman, Gary Gensler. Kirkland & Ellis partner Norm Champ says that increased disclosure around ESG investing should be expected following the recent announcement of a Climate and ESG task force at the SEC led by Acting Deputy Director of Enforcement, Kelly Gibson. Before Forbes, I spent a summer reporting on the L.A. private sector for Los Angeles Business Journal and wrote about publicly traded North Carolina companies for NC Business News Wire. Jan 13, 2021. This comes about a month after the Senate Banking Committee voted 14 to 10 to advance his nomination. His advocacy for a revival of FSOC will be aided by the Consumer Financial Protection Bureau, another agency created by Dodd-Frank that is likely to see a revival under the current administration. Novogratz, a former Goldman Sachs executive, praised President Biden’s new nominee for chairman of the SEC, saying he was more atuned to the needs of the crypto market. Gas Demand Surged To Pandemic High Last Week—How Long Could High Prices Last? April 5, 2021 The Senate on April 12, 2021, will consider approving the nomination of Gary Gensler for SEC chairman. Champ expects more onerous requirements for companies to disclose how they are handling climate risk as well as diversity. SEC Chairman Jay Clayton. On April 14, 2021, the Senate confirmed Gary Gensler as chairman of the SEC. Sustainable Business U.S. SEC chair planning new workforce data disclosures for public companies May 14, 2021 Sustainable Business New generation of digital banks bets on minority markets May 13, 2021 By Matthew Goldstein. The exam division featured ESG, climate risks and Reg. Gary Gensler Confirmed As New SEC Chairman As Agency Tackles GameStop Saga, ESG Boom And Cryptocurrency (Forbes), Who Is Gary Gensler, Biden's Pick To Run The SEC? The County of New Kent Electoral Board met on Thursday, April 13 2021, via Conference Call .com set up by Secretary George B. Winson, in New Kent. Gensler, who succeeds former Chairman, Jay Clayton will lead the SEC for 5 years through 2026. Gary Gensler has been named Chairman of the Securities and Exchange Commission by the Senate Banking Committee in the United States (SEC). Biden To Nominate Gary Gensler For SEC, ... 2021 10:52 AM ET. It is imperative that the SEC provide fair notice, and fully comply with the Administrative Procedure Act if it is going to impose new requirements. Gensler, who's promised to increase transparency and reduce risk in the market, succeeds former SEC Chair Jay Clayton, an attorney tapped by former President Donald Trump to undo financial regulations that "stifled investment in American companies.". Published Feb. 18, 2021 Updated Feb. 23, 2021. — Jake Chervinsky (@jchervinsky) January 12, 2021. Gary Gensler, the new chairman of the SEC By Marco Cavicchioli - 19 Jan 2021 US President-elect Joe Biden has officially confirmed that he will appoint Gary Gensler as the new chairman of the SEC . Although government involvement in … Chair Gensler’s confirmation underscores decades of accomplishments in both the public and private sector. I'm a wealth management staff writer at Forbes based in New York. Many of the issues he is set to tackle were already on the radar of the SEC under Acting Chair Allison Herren Lee. That being said, Champ says that he is a contrarian when it comes to the narrative that there will be some seismic shift in SEC presence between the previous and current administrations. January 17, 2021, 8:00 PM EST Updated on January 18, 2021, 6:00 AM EST Moves signal incoming administration will be tougher on banks Gensler battled with banks over derivatives rules as CFTC head The Good and Bad: Quest Diagnostics & Global Payments Inc. Gambling On Las Vegas, Gaming Seems Like A Good Bet. Email thoughts and tips to JBisnoff@Forbes.com. The confirmation comes more than a month after the Senate Banking Committee voted 14 to 10 to advance Gensler's nomination for two terms ending on June 5, 2026. Reach out at jponciano@forbes.com. I also covered public. He broke into the public sector in 1997 after then-President Bill Clinton nominated him for an assistant secretary post at the Treasury Department and later became CFTC chair in 2009. Crypto regulation under Gensler. Who Is Gary Gensler, Biden's Pick To Run The SEC? Secretary Raimondo and Minister Guedes also agreed that they will strive to hold an in-person meeting in Washington, D.C., also tentatively scheduled in early February 2022. Call to Order. Recently appointed SEC Chairman Gary Gensler also spoke about cryptocurrency regulations in a recent interview with CNBC.. “When it comes to enforcement, Mr. Gensler has shown he has the guts to take on bad actors, no matter how big, no matter how powerful they are, and he will hold them accountable,” Senate Banking Chair Sherrod Brown (D-Ohio) said Tuesday. before being named chair of the Securities and Exchange Commission by President Joe Biden. April 28, 2021, 5:05 PM EDT Updated on April 28, 2021, 7:28 PM EDT Her abrupt resignation is a major setback for Gary Gensler Oh cites … BI compliance in its 2021 priorities released earlier this year. Ripple chief Brad Garlinghouse, in an interview with Bloomberg’s Emily Chang earlier today, revealed that he was … He will also be the latest head of the SEC to tackle the longstanding search for a clear fiduciary standard for financial advisors and broker-dealers that has been kicked back and forth between the SEC and the Department of Labor for a decade. On April 14, 2021, the Senate confirmed Gary Gensler to be the next Chairman of the Securities and Exchange Commission. SEC Chief Accountant Wes Bricker. All Rights Reserved, This is a BETA experience. While ESG investing has exploded over the past decade, there has been scrutiny over a lack of oversight of late as its popularity continues to swell. Gary Gensler will lead the Securities and Exchange Commission after the Senate voted 53-45 on Wednesday to confirm his nomination to head the nation’s top financial regulator. The head of the CFPB, along with Gensler’s last two federal posts, chairs of the CFTC and SEC, are among the 10 voting members on FSOC. The new chair of the U.S. securities regulator told lawmakers on Thursday ... (SEC) chair, that he expected to propose new rules on corporate climate risk disclosures in the second half of 2021… When Gensler ran the Commodity Futures Trading Commission he was active in rulemaking, issuing more than 40 rules and only having one struck down by the courts. Nathaniel Whittemore. Prior to joining Forbes, I was on the same beat for Private Asset Management. ET By. Gensler was active in supporting the council in his time at the CFTC and Champ concedes that the group housed within the Department of Treasury has been “dormant” over the past few years. However, that might soon become history as the SEC has placed a Bitcoin activist at the helm of its powers. Published date grouping: December 2018 Date: Dec. 6, 2018: Title: Remarks at the SEC’s Municipal Securities Conference: Speaker: Chairman Jay Clayton: Published date grouping: December 2018 Date: Dec. 6, 2018 Ripple’s chief executive Brad Garlinghouse is looking forward to having a conversation with the incoming SEC chair. Industry sources say he brings a reputation as an “extremely active regulator” having made it clear in his nomination hearing before the Senate Banking Committee in early March that additional disclosure requirements will be key to his approach to these pressing issues. Share to Facebook; Share to Twitter; ... Gary Gensler Confirmed As New SEC Chairman As Agency Tackles GameStop Saga, ESG Boom And Cryptocurrency (Forbes) Chairman Gensler assumes leadership of an agency that is facing a number of politically charged issues, such as “meme trading”; payment for order flow; and climate change and environmental, social, and governance matters. serve as SEC chairman, Gary Gensler, is still pending confirmation. Gary Gensler has been sworn in as the new Chairman of the United States Securities and Exchange Commission (SEC), following his nomination by President Joe Biden and his subsequent confirmation by the Senate on April 14, 2021. “Yes, the Trump administration was deregulatory but from an enforcement and examination perspective, the SEC was incredibly active over the last four years. New SEC Chairman Gary Gensler Confirms A Lot Of Cryptocurrencies 'Are Indeed Securities,' Paving The Way For New Legislation by Samyuktha Sriram May 7, 2021 2:18 pm Dr. Prior to joining Forbes, I was on the same beat for Private Asset Management. Gary Gensler, the recently approved chair of the Securities and Exchange Commission, will have his hands full as he looks to tackle the key issues of the moment including ESG investing, cryptocurrency, order routing and a fiduciary standard for brokers. Singh’s batchmate Sharan, who was chairman-cum-member of the board of revenue, however, will have a brief strict as the chief secretary as he is scheduled to superannuate from service on June 30. April 14, 2021 – The Depository Trust & Clearing Corporation (DTCC) issued the following statement in response to the Senate confirmation of new SEC Chair Gary Gensler: “We congratulate Gary Gensler on his confirmation as Chair of the SEC. 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