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Anjali Belgaumkar
Anjali Belgaumkar
Author
Writer by choice, CryptoCurrency Writer, and Researcher by chance. Currently, focusing on financial news and analysis, as well as cryptocurrency news and data. One may not call me a crypto “Enthusiast” but trust me I'm getting there.
- Jan 09, 2025 17:44 UTC
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Outgoing SEC Chair Gensler Shrugs Off Trump’s Criticism: ‘I feel Terrific’
SEC Chair Gary Gensler defends his role, discusses crypto regulation, and market efficiency reforms in recent interview with Bloomberg.
Gensler opens up on challenges, SEC’s crypto oversight, and new rules aimed at improving market fairness and consumer protection.
In a recent statement, Gary Gensler, the outgoing Chairman of the U.S. Securities and Exchange Commission (SEC), spoke about the nature of his role overseeing the $120 trillion U.S. capital market, opening up about its integral role in the economy.
Gensler Addresses Criticism and Highlights the Importance of Capital Markets
The SEC Chairman addressed the criticism he’s received during his tenure, notably from high-profile figures like President-elect Donald Trump and billionaire Elon Musk. In an interview with Bloomberg, Gensler recalled a quote from former Secretary of State Hillary Clinton: “If you’re not willing to be attacked, you can’t go into the public square and debate policy. This role is about overseeing the capital markets that touch everything in our economy. It’s about raising money for most of what we do and how people save,” Gensler said. “I feel terrific about it.”
He said that such attacks are part of the process in a democracy, especially when policies affect 330 million Americans. Gensler also touched on the rapidly growing space of cryptocurrency, which has drawn increasing attention from both regulators and the public. “It’s a small part of the market,” he said. “But it’s a space that we keep a close eye on.
Efforts to Improve Market Efficiency and Consumer Protection
Gensler also opened up about the SEC’s recent efforts to improve market efficiency, such as reducing the stock settlement cycle from two days to one. This change allows investors to access their funds faster. Additionally, the SEC has implemented new rules requiring companies to notify consumers if their personal data is compromised, addressing a gap in previous federal regulations.
However, Gensler acknowledged that some financial intermediaries, such as brokers and stock exchanges, have raised concerns about these changes. He pointed out that, while these entities may object to the new rules, the SEC’s ultimate goal is to serve everyday consumers and ensure that the market operates fairly for them.
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