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Oral Testimony Before the Senate Committee on Banking, Housing, and Urban Affairs

· Gary Gensler, Chair of the U.S. Securities and Exchange Commission (United States)

Summary written by Dark Majestic in its own words · topics: payments, digital money and crypto-assets

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· Gary Gensler Wiki · U.S. Securities and Exchange Commission WikiOral Testimony Before the Senate Committee on Banking, Housing, and Urban Affairs

ContextOral statement to the Senate Banking Committee by the head of the SEC, whose mission is to protect investors, as it extended its oversight to crypto platforms and private funds.

Why it mattersGensler links his rule agenda to lower capital costs.

Problems raised
  1. Weak competition raises the cost of capital.
  2. SPACs, insider plans and fund names lack integrity.
  3. Crypto investors lack protections.
Solutions proposed
  1. Promote competition in markets.
  2. Propose rules on SPACs, 10b5-1 plans and fund names.
  3. Bring crypto under time-tested protections.
Read full speech on sec.gov ↗

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