![]() "Any token that is a security must play by the same market integrity rulebook as other securities under our laws." Thus, investors should be protected in the same way," Gensler said. "The crypto market is highly concentrated, with the bulk of trading taking place on only a handful of platforms.which play roles similar to those of traditional regulated exchanges. The agency will also collaborate with the Commodity Futures Trading Commission - its sister market regulator - to scrutinize platforms that trade both crypto-based security tokens and commodity tokens, said Gensler, adding that a potential "segregation" of token custody between trading platform assets and customers' assets would also be considered to help stave off theft. The expanded Securities and Exchange Commission (SEC) oversight would see the agency regulate platforms on which the trading of securities and non-securities is "intertwined" by requiring them to register with the SEC, Gensler said in a virtual speech to an audience at the University of Pennsylvania, his alma mater. securities regulator, said on Monday the agency is weighing how it could extend investor protections afforded to users of exchanges and alternative trading platforms to crypto trading platforms. WASHINGTON (Reuters) -Gary Gensler, the head of the U.S. FILE PHOTO: Bitcoin Trading Machine is pictured in a bodega in the Manhattan borough of New York City, New York, U.S., February 9, 2021. “Looking back (at) what we know now, I think those of us involved in the late 90s, you know, ought to have done more,” Gensler said in a recent interview.2/2 © Reuters. It made Wall Street critics wary of Gensler when President Obama nominated him to the job. President Bill Clinton signed into law a plan to free banks from Depression-era shackles in 1999, he explicitly thanked Gensler - then a senior Treasury official - for his work on the deregulation legislation. ![]() His intense drive to write tough versions of Dodd-Frank rules marks a reputational change for Gensler. He also took the strictest position on rules to bring swaps trading onto exchange-like platforms, though these were watered down after two members of the commission thought they were too tough on the industry. clients, despite years of pressure from foreign regulators who want greater reliance on their own rules. Only weeks ago, Gensler pushed through a plan requiring foreign banks to comply with the CFTC’s rules if they deal with U.S. regulators, and putting it years ahead of a similar process in Europe. He’s clearly alienated a lot of the bankers.”ĭuring his five-year tenure at the helm of the agency, once a little-watched overseer of commodity futures markets, Gensler spawned major lawsuits from bank groups, a major dispute with regulators in Brussels, and a frequent lack of consensus among fellow commissioners.ĭuring Gensler’s term at the CFTC, it finished 70 percent of the rules it was required to write, far more than other U.S. ![]() “With regards to members of the Senate who support regulation, he’s made a bunch of friends. Congressman who lent his name to the 2010 Dodd-Frank Wall Street reform law. “He’s been one of the best regulators I’ve ever seen,” said Barney Frank, the former Democratic U.S. Once a swaps trader at Goldman Sachs and then a Treasury Department official known for his role in rolling back bank rules in the late 1990s, the 56-year-old surprisingly became the regulator Wall Street feared most in the wake of the financial crisis. Commodity Futures Trading Commission on Friday, he leaves behind a long list of ardent admirers of his tough-nosed reforms and passionate critics who believe he has injured well-functioning markets. WASHINGTON, Jan 3 (Reuters) - As Gary Gensler wraps up his last day as the head of the U.S.
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