Tenure marked by ambitious reforms, legal challenges
Gary Gensler, Chair of the US Securities and Exchange Commission, testifies during a Senate Banking, Housing, and Urban Affairs oversight hearing to examine the US Securities and Exchange Commission, on Capitol Hill in Washington, DC, on September 12, 2023.U.S. Securities and Exchange Commission Chair Gary Gensler will step down on Jan.
Among his major accomplishments were changes to increase the resilience and efficiency of U.S. markets, including speeding up trade settlements and overhauling the $28 trillion Treasuries market, as well as a number of rules boosting investor disclosures and corporate governance. He also took on the crypto industry, suing Coinbase, Kraken, Binance and others, alleging that their failure to register with the agency violated SEC rules, accusations the companies deny and are fighting in court. When it comes to crypto, the courts have mostly backed Gensler’s positions.
Jill Fisch, a University of Pennsylvania law professor specializing in securities regulation, said Gensler would depart with a mixed legacy. Some critics also say Gensler’s crypto crusade was ill-conceived and damaged the U.S. economy by stifling innovation and pushing crypto companies offshore, criticism he has rejected. In a speech this month, he argued history has shown that “robust securities regulation both creates trust in markets and fosters innovation.”
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