US SEC Chairman Gensler Speaks

Thank you, Michael (Arnold, Chair of ABA Business Law Section’s Federal Regulation of Securities Committee) for the kind introduction and for inviting me to speak for what may be my last public speaking gig while Chair of the Securities and Exchange Commission. Before getting into the meat of today’s remarks, I want to say what a remarkable privilege it is to serve in this role. We live in a big, diverse country of 335 million people, all of whom benefit from the SEC. The agency, with authority over the $120 trillion capital markets, ...

Thank you, Mary, for the kind introduction. As is customary, I’d like to note that my views are my own as Chair of the Securities and Exchange Commission, and I am not speaking on behalf of my fellow Commissioners or the staff. I want to talk to you about the importance of capital markets and nonbank finance. The global regulatory community often debates this sector’s resiliency. Let me be clear: promoting financial resiliency is at the core of the SEC’s mission. In normal times, it helps promote trust in capital markets. In times of ...

Good morning. Thank you, Ken, for the kind introduction. As is customary, I’d like to note that my views are my own as Chair of the Securities and Exchange Commission, and I am not speaking on behalf of my fellow Commissioners or the staff. Nearly four years ago, Jen Psaki was freshly in her White House press secretary job when she had to answer questions about the GameStop fallout from the podium.[1] A few months later, my first testimony as SEC Chair was centered on those events.[2] What GameStop put on display was how much has ...

Thank you for the kind introduction. As is customary, I’d like to note that I’m not speaking on behalf of my fellow Commissioners or the SEC staff. I’m honored to be speaking with you today following Secretary Yellen, under whose leadership we are in the midst of much needed reforms of our Treasury market. I think our nation’s first Treasury secretary, Alexander Hamilton, would tip his tricorn hat to his 77th successor, for focusing on the efficiency and resiliency of the Treasury market. A couple hundred years before he became a Broadway star, in 1790, Hamilton told Congress that “the proper funding of the present debt, will render it a national blessing.”[1] Hamilton’s prophecy has turned out to be prescient. Treasuries are called “risk-free assets,” not just here in the U.S. but around the globe. They are the base upon which our entire capital markets are built. The U.S. Treasury markets play an integral role in the dollar’s dominance. They are how we, as a government and as taxpayers, raise money to fund roads, bridges, and public universities. We are the issuer. They are integral to how the Federal Reserve conducts monetary policy. Given the magnitude, leverage, and importance of the Treasury markets, as policymakers, we need to promote efficiency in these markets. Further, over the years, all too often, we’ve seen tremors in these markets. In 2014, we had a “Flash Rally.”[2] In the fall of 2019, the Treasury funding markets again experienced real stress.[3] We all recall the significant “dash-for-cash" in the Treasury market back in 2020, at the beginning of the COVID-19 crisis. While not SEC Chairman Gensler still sees a regulatory gap in exchange registration. He announced his willingness to finalize the plan, which could affect #DeFi .