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SEC nominee testifies before Senate Banking Committee

Gary Gensler, President Biden’s nominee to lead the SEC, testified this week before the Senate Banking Committee. The Committee’s questions to Gensler related to mandatory disclosures for publicly traded companies, including disclosures related to climate impact, equity market structure, enhanced disclosures by private equity firms, political spending, and diversity. In response to questions on cryptocurrencies and financial technology, Gensler emphasized he would ensure regulations are up to date and technology neutral, pledging to ensure that cryptocurrency markets are free of fraud and manipulation. In response to questions on the recent market volatility, Gensler pledged to scrutinize trading apps, saying an SEC review would include “payment for order flow,” the practice of brokers selling customers’ orders to trading firms. Gensler is expected to be confirmed as early as this month.

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