Gary Gensler, selected by President Joe Biden to become the Chairman of the Securities and Exchange Commission (SEC), is having his nomination hearing today in the Senate Banking Committee. If approved, Gensler will take the helm of the Commission and perhaps see it through a dynamic period of innovation in financial services.
In prepared remarks, Gensler commented on Fintech:
“Markets – and technology – are always changing. Our rules have to change along with them. In my current role as a professor at MIT, I research and teach on the intersection of technology and finance. I believe financial technology can be a powerful force for good—but only if we continue to harness the core values of the SEC in service of investors, issuers, and the public.”
Gensler also pointed to the importance of promoting efficiency and competition and highlighting the importance of access to capital for both established firms as well as early-stage ventures.
Gensler has already punched his inside the beltway ticket before having been the chair of the Commodity Futures Trading Commission as well as serving on the staff of Senator Paul Sarbanes.
In recent years, Gensler has been teaching at the Massachusetts Institute of Technology’s Sloan School of Management. While at Sloan, Gensler taught a course on blockchain. Gensler has also conducted research on Fintech and public policy and expectations are high that he will be supportive of innovation in financial services during his tenure at the SEC.
The hearing is scheduled to take place today at 10 AM ET and will be live-streamed on the Committee’s website.
Senate Banking SEC Gensler Testimony 3-2-21