Senate Banking Committee Hears Testimony from SEC Chair Gensler

The Senate Banking Committee heard testimony from Securities and Exchange Commission (SEC) Chair Gary Gensler. The hearing marks the first time during the current Congressional session that Chair Gensler has appeared before the Senate Banking Committee. The hearing covered a variety of issues including cryptocurrency regulation, swing pricing, the pace of rulemaking, private fund regulation, climate disclosure, and artificial intelligence, among other issues. On swing pricing and the hard close, Ranking Member Tim Scott (R-SC) noted his objection to the proposal stating it creates “a two-tiered system” and asked Chair Gensler if he was willing to rescind the proposal. Chair Gensler stated the Commission is looking to address issues that arose out of the March 2020 market volatility, adding we will “make choices based on economics and investor interests.” In another exchange with Senator Steve Daines (R-MT) on swing pricing, Chair Gensler stated he “cannot commit on whether we will finalize.” His written testimony noted that, “Based on public feedback, the staff and the Commission consider possible adjustments to the proposals and whether it’s appropriate to move forward to a final adoption.” Chair Gensler will appear in front of the House Financial Services Committee later in September.

Click here to watch an archived video of the Senate Banking Committee hearing with Chair Gensler.
Click here to read Chair Gensler’s written testimony.