Former SEC chairman Gary Gensler broke his silence on how he views the current direction of the U.S. Securities and Exchange Commission under Paul Atkins. In a recent interview with CNBC, Gensler reflected on his own time in office, the reforms he led, and the challenges of regulating the rapidly moving world of code.
Jensler keeps his record with the SEC
Gensler said he is proud of his tenure work and points to reforms, including reducing the stock market settlement cycle to two days. He argued that the move has increased efficiency and that Europe is now trying to follow suit.
He also said some of the reforms his team has set up for the US financial market is still ongoing. However, Gensler acknowledges that elections will bring results, and each SEC chair brings a different approach.
About Cryptocurrency and Investor Protection
When asked about his strict attitude towards Crypto, Gensler stood firm. He said the SEC under his leadership, like his predecessor Jay Clayton, brought about around 100 cases in the sector, highlighting that enforcement is about protecting investors.
Gensler cited Sam Bankmanfried as an example of a scam that took place during his tenure, saying he was not alone. He says that much of the crypto market is traded for “momentum and hype” rather than fundamentals, putting it at risk for everyday investors.
“So I’m very proud of what we’ve accomplished. I think this administration continues to increase liquidity in the US Treasury market. But looking at it, elections have come to fruition and I respect democratic forms.
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