See the sources for this. [8], During Gensler's tenure at the CFTC, he worked closely with the Obama Administration, United States Congress and other regulators to transform the $400trillion financial derivatives markets that were at the center of the 2008 financial crisis. Gensler has three daughters, Anna 21, Lee 20, and Isabel 14, and currently lives in Baltimore, MD. He warned of the . [4] President Joe Biden nominated Gensler to serve as 33rd chair of the U.S. Securities and Exchange Commission. [231] On July 14, the SEC disclosed a letter sent to Musk on June 2 for additional information about his 13D filing on April 5. SEC chair Gary Gensler 'is in a corner' as Congress demands to know how his agency MISSED signs that FTX was about to collapse - despite 45-minute Zoom call with Sam Bankman-Fried where they . The New Howey Test. Gary Gensler is the chair of the Securities and Exchange Commission in the Biden administration.The Senate confirmed him on April 20, 2021, by a vote of 54-45, for a term ending on June 5, 2026. Gensler was the chairman of the Commodity Futures Trading Commission.He served during the Obama administration from 2009 to 2014. Following is the unofficial transcript of a CNBC exclusive interview with SEC Chair Gary Gensler on CNBC's "Squawk Box" (M-F, 6AM-9AM ET) today, Monday, October 3 rd. [18] Gensler left Goldman after 18 years[19] when he was nominated by President Bill Clinton and confirmed by the U.S. Senate to be the Assistant Secretary of the Treasury. [14] When the Treasury Department released draft legislation to bring regulatory oversight to the swaps market, Gensler sent a letter to Congress arguing that the proposal did not go far enough.[26]. Today [April 6], the Commission is considering a proposal to create a framework for the registration of security-based swap execution facilities (security-based SEFs). [14][23] Gensler was sworn in on May 26, 2009, pledging to work to "urgently close the gaps in our laws to bring much-needed transparency and regulation to the over-the-counter derivatives market to lower risks, strengthen market integrity and protect investors". [169] On February 7, 2022, Tesla disclosed in a filing to the SEC that the agency had issued a subpoena to the company for information about company governance policies to comply with an October 2018 settlement with the agency in a securities fraud lawsuit over a tweet Musk posted on his Twitter account about taking Tesla private in August 2018 that the agency subsequently requested that Musk be held in contempt of court for violating in February 2019 (that resulted in an amended settlement the following April),[list 4] and that the agency sent letters to the company in 2019 and in 2020 warning the company that tweets Musk posted in July 2019 and in May 2020 were in violation of. [10] Gensler graduated with a degree in economics, summa cum laude, after three years at the Wharton School at the University of Pennsylvania,[11] followed by a master's in business administration the following year. January 11th, 2023 /. [11], In 2001, Gensler joined the staff of U.S. Following is a link to. Gensler lives in Baltimore with his three daughters, Anna, Lee and Isabel. [51], The Economist identified the risks presented by decentralised finance and crypto-assets valued at $2.5 trillion as a challenge for Gensler in 2022, and noted his experience in teaching blockchain technology. Gary Gensler is a professor at the MIT Sloan School of Management, Co-Director of MIT's Fintech@CSAIL and Senior Advisor to the MIT Media Lab Digital Currency Initiative. [73][74] On August 6, the SEC approved new rules implemented by Nasdaq, Inc. requiring that companies listed on its exchanges to include at least one female member on their boards of directors and at least one racial minority or LGBTQ board member and to require disclosure of statistics measuring the diversity of their board membership. [125] On June 10, the SEC was reportedly investigating the ESG investment funds of Goldman Sachs for potential greenwashing. Gensler's role as a professor at MIT is widely known. . I am very pleased to have my family here with me today: my wife, Francesca; my three daughters, Anna, Lee and Isabel; my parents, Sam and Jane Gensler; and my twin brother Robert. [229][230] On July 12, Twitter Inc. filed a lawsuit against Musk in the Delaware Court of Chancery to enforce the acquisition agreement. CFTC Headquarters Three Lafayette Centre 1155 21st Street, NW Washington, DC 20581 202.418.5000 [203][204], On April 15, Northern California U.S. District Court Judge Edward M. Chen ruled in a lawsuit filed by Tesla shareholders against Musk and the company that his August 2018 tweet was a knowingly made false statement of fact (the day after Musk stated at the 2022 TED conference that it was not). Gary Gensler is the chairman of the U.S. Commodity Futures Trading Commission under President Barack Obama. What it means for investors", https://www.economist.com/the-world-ahead/2021/11/08/a-three-way-fight-to-shape-the-future-of-digital-finance-has-begun, "SEC Chair Gensler says agency is planning greater oversight of crypto markets to protect investors", "SEC chief Gary Gensler says crypto exchanges are 'market making against their customers', "SEC chairman says Americans need a 'cop on the beat' to protect investors from crypto fraud", "More Crypto Market Turmoil Is Predicted by SEC Chairman Gary Gensler", "Bipartisan crypto regulatory overhaul would treat most digital assets as commodities under CFTC oversight", "Crypto Legislation Could Undermine Market Regulations, Gensler Says", "Crypto firms Genesis and Gemini charged by SEC with selling unregistered securities", "SEC Chair Gary Gensler raises concerns about Robinhood, trading gamification and social media hype", "SEC chair Gensler says agency will enforce rules 'aggressively' against bad actors", Game Stopped? At the CFTC, Gensler led an overhaul of regulations involving over-the-counter derivatives, which were widely blamed for exacerbating the 2008 financial crisis. [70] Speaking at The Wall Street Journal CFO Network event on June 7, Gensler emphasized the need for new restrictions and rules to reduce the risk of improper insider trading. [18] His nomination was officially sent to the U.S. Senate on January 20, 2009. [220][221] On May 24, Reuters reported that since the April 2019 amended settlement between Musk and the SEC, agency officials have consciously chosen not to pursue legal action against Musk for violating the terms of the agreement and to write letters urging compliance instead due to remarks made by the presiding judge during the case. [123][124], On May 25, the SEC proposed two rules changes to ESG investment fund qualifications to prevent greenwashing marketing practices and to increase disclosure requirements for achieving ESG impacts. Since taking office in April 2021, Gensler has made the enforcement of regulations in the cryptocurrency . [207] On April 25, the Twitter board of directors unanimously agreed to Musk's acquisition proposal at $44 billion. Interestingly, Alameda Research CEO Caroline Ellison is the daughter of Glenn Ellison. [243][244] On July 26, Twitter disclosed in filing with the SEC that the company had scheduled a shareholder meeting on September 13, 2022, to vote on the acquisition agreement. (Archived Content) The United States Senate voted today to confirm Gary Gensler as the Assistant Secretary of the Treasury for Financial Markets. Now. WASHINGTON, July 22 (Reuters Breakingviews) - Gary Gensler is the kind of regulator who gets things done. By the spring of 2010, the momentum in Congress was toward Gensler's vision for derivatives oversight,[13] and Congress passed comprehensive reform as part of the Dodd-Frank Wall Street Reform and Consumer Protection Act in July 2010. $3.99 delivery Jan 31 - Feb 22 . Now he's cleaning it up--and taking on the biggest banking scandal since the financial crisis", "Regulator of Wall Street Loses Its Hard-Charging Chairman", "Remarks of Chairman Gary Gensler, Pikesville High School Distinguished Alumnus Assembly", "The Gensler Twins: Identical? He was an undersecretary of domestic finance and assistant secretary of . [105], On February 7, 2022, the NewClimate Institute, a German environmental policy think tank, published a survey evaluating the transparency and progress of the climate strategies and pledges announced by 25 major companies in the United States that found that the climate pledges of Alphabet, Amazon, and Apple were unsubstantiated and misleading. As Assistant Secretary, Gensler served as a senior advisor to the Secretary of the Treasury in developing and implementing the federal government's policies for debt management and the sale of U.S. government securities. [227][228], On July 8, Musk filed a letter with the SEC sent to Twitter executives notifying them that he intended to terminate his acquisition proposal of the company, to which Twitter Board Chairman Bret Taylor posted a tweet stating that the company would continue to attempt to close the transaction and that it would pursue legal action to enforce the merger. Don't You Believe It", "An Ex-Goldman Man Goes After Derivatives", "CFTC chief Gary Gensler is out to police financial Wild West", "President Clinton Names Gary Gensler as Under Secretary for Domestic Finance at the Department of the Treasury", "Goldman Alum Who's Trying to Fix Wall Street", "Investment Bankers Play Football's Newest Position", "President-elect Obama announces choices for SEC, CFTC and Federal Reserve Board", "At Center of Derivatives Debate, a Gung-Ho Regulator", "Remarks of CFTC Chairman Gary Gensler Swearing-In Ceremony", "Swaps regulator Gensler: banker turned Wall Street scourge", "Gary Gensler defends record as he leaves CFTC", "Remarks of Chairman Gary Gensler before the ISDA European Conference", "Libor Case Energizes a Wall Street Watchdog", "Q&A: what is Libor and what did the banks do to it? [5] He succeeded SEC Acting Chair, Allison Lee. [15], While serving at the Treasury Department, Gensler was awarded the agency's highest honor, the Alexander Hamilton Award, for his service. He earned both a BA and MBA from the Wharton School at the University of Pennsylvania. Gensler was born into a Jewish family,[6] in Baltimore, Maryland, one of five children of Jane (ne Tilles) and Sam Gensler. . [40], On September 14, 2021, Gensler testified before the U.S. Senate Banking, Housing, and Urban Affairs Committee that the SEC was in need of large staffing increases to address regulatory concerns related to cryptocurrencies and other digital assets,[41][42] and Gensler likened the cryptocurrency market to a "Wild West". [24], Gensler was described as "one of the leading reformers after the financial crisis". [132][133][134], On March 2, 2021, Rocket Mortgage saw a more than 70 percent spike in its stock price during the GameStop short squeeze due to a surge in trading following discussion of the company on r/wallstreetbets,[135][136] but the Rocket Mortgage stock price reverted back to its pre-surge level the next day. [249] The book argues that actively-traded mutual funds carry high fees and lower-than-market returns, and investors should instead rely on low-fee index funds rather than constantly attempt to beat the market. . [15] In 1999 and 2000, under then-Treasury Secretary Lawrence Summers, Gensler fought for passage of the Commodity Futures Modernization Act, which exempted over-the-counter derivatives from regulation. U.S. Securities and Exchange Commission Chair Gary Gensler talks about open markets, regulating cryptocurrencies and keeping up with technology. . [81][82], On June 8, Gensler announced rules changes to require that market makers disclose more data about payments for order flow (PFOF) and the timing for the best execution of trades, as well as to require direct competition among stockbrokers executing trades for retail investors at a conference hosted by Piper Sandler Companies. [48][49][50] Gensler is opposed to approving pure play bitcoin ETFs due to bitcoin remaining subject to fraud and market manipulation. [119], On March 26, CNBC reported that ExxonMobil started a pilot program in January 2021 with Crusoe Energy Systems to also divert its flare gas into generators producing electricity to power shipping containers full of bitcoin miners in the North Dakota Bakken region (which it expanded the following July) as part of the same industry initiative with ConocoPhillips, and that Crusoe has stated reduces carbon dioxide equivalent emissions by 63 percent as compared with continued flaring. [72], On July 29, Robinhood Markets launched an IPO for its stock on the Nasdaq. [245][246], In a complaint filed by Whistleblower Aid with the SEC, the U.S. Justice Department, and the Federal Trade Commission on July 6, former Twitter security officer Peiter Zatko alleged that specific Twitter executivesincluding Parag Agrawal and certain board membershave repeatedly made false and misleading statements to its board, shareholders, users, regulators, and the public about privacy, security, and content moderation on the platform since 2011 in violation of the Federal Trade Commission Act of 1914 and SEC disclosure rules including misrepresentations to Musk during the course of the acquisition bid (citing Agrawal's May 16 tweet detailing company policies for addressing fake and spam accounts).[247][248]. [92][93][94], On January 28, 2021, Microsoft disclosed an investment in Climeworks, a direct air capture company,[95][96][97] one year after the company announced a strategy to take the company carbon negative by 2030 and to remove all the carbon from the environment the company has emitted since 1975 by 2050. [11] Barclays alone paid $450 million in fines as a result of the Libor investigation. [39] On April 19, 2021, the Senate confirmed Gensler to a 5-year term through 2026 by a vote of 5445. [83][84] On May 12, FTX CEO Sam Bankman-Fried disclosed a Schedule 13D filing with the SEC to buy a 7.6 percent ownership stake in Robinhood Markets. He's on . [38] On April 14, 2021, his nomination was confirmed in the Senate by a vote of 5345 to fill former chair Jay Clayton's term expiring in June 2021. Gensler did further subterfuge at the 2021 Aspen Security Forum by falsely claiming that Howey is a "three part" test, when it is in fact four.
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