If you need one word to sum up Gensler's . Testimony. We should regulate self-custody and DeFi out of existence. . Gary Gensler blew it again. [list 2] On July 20, the Social Science Research Network released a preprint written by economists Maureen O'Hara, Robert P. Bartlett, and Justin McCrary that suggested that Robinhood Markets traders caused a surge in trading volume of Berkshire Hathaway Class A shares in February and March 2021. 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). [167][168] On December 6, the SEC opened an investigation of Tesla in response to a whistleblower complaint alleging the company did not properly disclose to its shareholders fire risks associated with its solar panels. The Senate approved him in a 53-to-45 vote, with nearly all Republicans . He earned both a BA and MBA from the Wharton School at the University of Pennsylvania. [6] Gensler has called Libor "unsustainable" and argued that it should be replaced as a benchmark rate. Biography. Lead Producer: Sophie Erickson Producers: Zach Goldbaum, Caity Gray Assoc. Gensler, who was appointed as SEC chair in 2021, has three daughters: Anna, Lee and Isabel. Before joining the SEC, Gensler was professor of the Practice of Global Economics and Management 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. Francesca Danieli, a photographer, and three daughters: Anna, 12, Lee, 10, and . Mr. Gensler was most recently a partner of the international investment banking firm, The Goldman Sachs Group, L.P. Mr. Gensler joined Goldman Sachs in 1979 in the Mergers & Acquisition Department. He is also Chairman of the Investment Advisory Committee [11], In 2001, Gensler joined the staff of U.S. On April 17, 2021, noted crypto skeptic Gary Gensler became the chairman of the SEC, the main securities regulator in the United States. [194] On March 29, Musk filed another letter with the court reiterating his First Amendment concerns. Gary was a member of the Treasury Department's Advisory Committee on the Auditing Profession in 1998. "Before I close, I do want to introduce and thank my three daughters, Isabelle, who . [6], Gensler graduated from Pikesville High School in 1975,[9] where he was later given a Distinguished Alumnus award. [8] By the time Gensler left the CFTC in January 2014, the agency was near completion of the rule-writing process to implement the Dodd-Frank Act. Interestingly, Alameda Research CEO Caroline Ellison is the daughter of Glenn Ellison. Gensler's piece was apparent face-saving from a blistering takedown of his "cryptocurrency confusion" by law professor J.W. Posted by fapthepolice Opinion: The reason the daughter of Gary Gensler's former boss will serve no jail time for the biggest fraud in history is that cryptocurrency is the issue. [list 3] On December 6, an ongoing SEC investigation into the DWACTMTG merger was disclosed by DWAC in a filing with the agency. Gary Gensler, who led the Commodity Futures Trading Commission during the Obama administration from 2009 to 2014, will be President-elect Joseph R. Biden Jr.'s nominee to lead the Securities and . Video interview with David Ignatius. [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. [57], On June 7, U.S. [250] During the 2008 presidential campaign cycle, Gensler served as a senior advisor to Hillary Clinton's presidential campaign and later advised the Obama campaign. [137][138] On September 14, Gensler announced the imminent release of an agency report on the short squeeze in testimony before the U.S. Senate Banking, Housing, and Urban Affairs Committee. Caroline Ellison is the daughter of Glenn Ellison, director of the MIT economics department and former colleague of Gary Gensler, the chairman of the U.S. Securities and Exchange Commission (SEC), who is now investigating the FTX and Alameda scandal. Gary Gensler, the chair of the United States Securities and Exchange Commission, took part in a Twitter Spaces event with the U.S. Army to provide financial advice to soldiers. Senator Elizabeth Warren (DMA) sent a letter to Gensler requesting that the SEC investigate possible securities law violations in the conduct of a merger between the Digital World Acquisition Corp. (DWAC), a special-purpose acquisition company, and the Trump Media & Technology Group (TMTG) announced on October 20. He has three daughters. Gary Gensler, SEC Chairman. Following is a link to. [46][47] On October 15, the SEC approved the first bitcoin futures exchange-traded fund (ETF) in the United States after Gensler announced support for doing so the previous August. During his time at MIT, Gensler worked closely with Glenn Ellison. [98][99][100] In 2021 and 2022, an index constructed by researchers at the University of Cambridge showed that bitcoin mining consumed more electricity during the course of the year than the entire nations of Argentina (a G20 country) and the Netherlands. Gary Gensler resides with his three kids, daughters named Anna, Lee, and Isabel, in Baltimore. [30] Libor is the average interest rate estimated by leading banks in London that the average leading bank would be charged if borrowing from other banks. [1] Gensler previously led the BidenHarris transition's Federal Reserve, Banking, and Securities Regulators agency review team. He and Francesca got married in 1986. WASHINGTON, DC - SEPTEMBER 14: Gary Gensler, Chair of the U.S. Securities and Exchange Commission, testifies before a Senate Banking, Housing, and Urban Affairs Committee oversight hearing on the . [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. Senator Barbara Mikulski, former Lieutenant Governor Kathleen Kennedy Townsend, and Governor Martin O'Malley. Gary Gensler is the head of the US Securities and Exchange Commission (SEC), the federal agency in charge of protecting investors of securities products and enforcing laws against market manipulation. [106][107] On June 23, 2020, Amazon.com, Inc. announced a $2 billion venture fund to invest in startup companies developing strategies to reduce greenhouse gas emissions as part of a strategy to be climate neutral company by 2040,[108] after announcing a $10 million investment to two projects in the Appalachian Mountains the previous April to manage their lands to maximize greater carbon removal, the first investment from a $100 million initiative to support reforestation and habitat restoration. [54][55][56] Following testimony before the U.S. House Appropriations Subcommittee on Financial Services and General Government on May 18, Gensler warned in a post-hearing press conference that many cryptocurrencies were going to fail and expressed concern that it could undermine confidence in the traditional financial markets. That's not always the kind that serves America best. SEC chairman Gary Gensler has something that many in Washington often lack: knowledge of the technology he's trying to regulate. Here's how investors can buy a carbon-conscious fund", "Shares of Rocket Companies, a large short target of hedge funds, jump more than 70%", "Rocket Companies stock soars 70% on speculative trading, mirroring GameStop rally", "Rocket Stock Is the New Meme Trade. Gensler also received a $1,000 honorarium, a voluntary payment, by the World Bank on November 20 2019. [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. 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? 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? [126] After noting that his company had launched a division to commercialize carbon capture in testimony before the U.S. House Oversight and Reform Committee on October 28, 2021,[127][128] ExxonMobil CEO Darren Woods discussed in an interview with CNBC journalist David Faber on June 24 that part of ExxonMobil's long-term strategy to remain a profitable company while reducing greenhouse gas emissions and plastic pollution was to invest in carbon capture and storage technology with a network hub in Houston and to remain a plastics producer while making improvements to waste management. [239][240] On July 22, Twitter released its earnings report for the second quarter of 2022 that showed a 1 percent decline in year-over-year company revenue and that company earnings were lower than analysts' expectations (which the company partially attributed to uncertainty created by the acquisition agreement). [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". [229][230] On July 12, Twitter Inc. filed a lawsuit against Musk in the Delaware Court of Chancery to enforce the acquisition agreement. 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. Gary Gensler, President Joe Biden's nominee to be chairman of the Securities & Exchange Commission, has a net worth of between $41 million and $119 million. Following a stint in the Treasury Department during the Clinton era, and before serving as head of the CFTC under Obama, Gensler spent the last years of his wife's life as a "stay-at-home dad" to. Feb 10, 2022 2:24 PM PST. Aug 19, 2021 at 5:12 p.m. UTC Updated Sep 14, 2021 at 1:42 p.m. UTC. Sadly, they had their tragic separation when Francesca has an untimely death n 2006 of breast cancer. [71] On June 30, Robinhood Markets agreed to pay $70 million to settle a lawsuit filed by the Financial Industry Regulatory Authority (FINRA) that alleged that the company had misled its customers, approved ineligible and inexperienced traders for options strategies, and did not supervise its technology properly to prevent outages. "FTX and SBF BREAKDOWN (Thread) MIT: - Glenn Ellison, Dept. [117][118] On the same day, The Wall Street Journal criticized Gensler for proposing legislation requiring public companies to disclose climate risks. It's a known fact that Gensler was a professor at MIT where he offered a course on Blockchain and Money which stresses on use of blockchain technology. Gensler conducts research and teaches on blockchain technology, digital currencies . [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. By David Z. Morris. Tom WilliamsCQ-Roll Call/Getty Images. It accused the SEC chairman of trying "to regulate private companies by the back door" and following the bidding of BlackRock and other investors. (Archived Content) The United States Senate voted today to confirm Gary Gensler as the Assistant Secretary of the Treasury for Financial Markets. [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. [58] At a conference hosted by The Wall Street Journal on June 14, Gensler expressed concern that the Lummis-Gillibrand bill could inadvertently undermine stock market and mutual fund protections, noted that cryptocurrency companies were already engaging in behaviors overseen by the SEC, and argued that some digital assets are securities necessitating oversight from the SEC rather than commodities (even if the overwhelming majority of tokens offered by cryptocurrency exchanges are commodities). [53] On May 11, Gensler stated in an interview with Bloomberg News that cryptocurrency exchanges were market making against the interests of their customers after warning the U.S. House Appropriations Subcommittee on Financial Services and General Government that cryptocurrency exchanges were engaged in front running the previous May. He probably shouldn't have", "Elon Musk might be held in contempt of court over a Tesla tweet", "Elon Musk and SEC reach an agreement over tweeting", "US SEC commissioner decries agency's deal with Tesla's Musk", "Elon Musk claims Tesla solar production will jump. I want to thank them for all of their support. [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". Gensler lives in Baltimore with his three daughters, Anna, Lee and Isabel. 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