Caroline Ellison is the daughter of Glenn Ellison, director of the MIT economics department and former colleague of Gary Gensler, the chairman of the U.S. Securities and Exchange Commission (SEC), who is now investigating the FTX and Alameda scandal. He was nominated by President Bill Clinton to be the Assistant Secretary of the Treasury for Financial Markets. [232][233] On July 15, Musk filed a motion requesting that the court not grant Twitter's request for a speedy trial,[234][235] while Twitter submitted an amended proxy statement with the SEC that urged company shareholders to approve the acquisition agreement. [11], Gensler served on the board of for-profit university Strayer Education, Inc. from 2001 to 2009.[20]. Senators Elizabeth Warren (DMA) and Bernie Sanders (IVT) sent a letter to Gensler urging the SEC to remove and replace the sitting members of the Public Company Accounting Oversight Board (PCAOB), arguing that Trump Administration appointees had politicized the agency and compromised its independence. [17], Gensler's last role at Goldman Sachs was co-head of finance, responsible for controllers and treasury worldwide. [215] On May 16, Twitter CEO Parag Agrawal posted a tweet detailing company policies for addressing fake and spam accounts in response to Musk (to which Musk posted a tweet in return). [8] By the time Gensler left the CFTC in January 2014, the agency was near completion of the rule-writing process to implement the Dodd-Frank Act. [31] It is used as a reference rate for many financial products, including adjustable rate mortgages, student loans, and car payments. [158] In a securities filing dated June 8 and disclosed to the Florida State Department Corporations Division, DWAC stated that Donald Trump and Donald Trump Jr. had been removed from the company board of directors. [15] In 1999 and 2000, under then-Treasury Secretary Lawrence Summers, Gensler fought for passage of the Commodity Futures Modernization Act, which exempted over-the-counter derivatives from regulation. [139][140][44] On October 18, the SEC released the report. [251], Gensler is Professor of the Practice of Global Economics and Management, MIT Sloan School of Management, co-director of MITs Fintech@CSAIL and senior adviser to the MIT Media Lab Digital Currency Initiative. [76] On December 2, the SEC finalized a rule to implement the Holding Foreign Companies Accountable Act. [40], On September 14, 2021, Gensler testified before the U.S. Senate Banking, Housing, and Urban Affairs Committee that the SEC was in need of large staffing increases to address regulatory concerns related to cryptocurrencies and other digital assets,[41][42] and Gensler likened the cryptocurrency market to a "Wild West". Gensler, who was appointed as SEC chair in 2021, has three daughters: Anna, Lee and Isabel. TV Shows. [59] On January 12, 2023, the SEC filed a complaint in Southern New York U.S. District Court that Genesis and Gemini of offering and selling unregistered securities. Following is a link to. Gary Gensler December 15 2022 Financial & markets regulation US markets watchdog plans biggest overhaul of stock trading in nearly 20 years Proposals by Securities and Exchange Commission aim to. [192][193] On March 22, the SEC filed a response to Musk's March 8 filing requesting that Judge Nathan deny Musk's motion, that its subpoenas were lawful, and disclosed that the agency was investigating Musk for his November 2021 tweet. He is a member of the New York Fed Fintech Advisory Group, a group of experts in financial technology that regularly presents views and perspectives on the topic to the president of the New York Fed. [34] Under Gensler's leadership, the Commission recommended changes to State law to enhance consumer financial protections, including enhancing standards of care, clarifying State law to set standards for student loan servicers, and protecting Maryland buyers of manufactured homes. Featuring, in order of appearance: Gary Gensler Executive Produced by Jon Stewart, Brinda Adhikari, James Dixon, Chris McShane, and Richard Plepler. He was the Deputy Secretary of the Treasury from 1999 - 2001. [126] After noting that his company had launched a division to commercialize carbon capture in testimony before the U.S. House Oversight and Reform Committee on October 28, 2021,[127][128] ExxonMobil CEO Darren Woods discussed in an interview with CNBC journalist David Faber on June 24 that part of ExxonMobil's long-term strategy to remain a profitable company while reducing greenhouse gas emissions and plastic pollution was to invest in carbon capture and storage technology with a network hub in Houston and to remain a plastics producer while making improvements to waste management. Gensler previously worked as an Undersecretary of the Treasury in the Clinton administration, where he worked on financial industry regulation. It accused the SEC chairman of trying "to regulate private companies by the back door" and following the bidding of BlackRock and other investors. "FTX and SBF BREAKDOWN (Thread) MIT: - Glenn Ellison, Dept. [14], Then-President-elect Barack Obama announced his intent to nominate Gensler to serve as the 11th chairman of the CFTC on December 18, 2008. Gary Gensler, the was just approved chair of the Securities and Exchange Commission, will have his hands full and rely on increased disclosure requirements in tackling the pressing issues of the . Kilimanjaro. Gary Gensler's controversial tenure as chairman of the Securities and Exchange Commission could reach peak drama over a 45-minute Zoom call with Sam Bankman-Fried, the former crypto wunderkind. $54.95 $ 54. [25] Upon becoming chairman, Gensler began leading the Obama Administration's effort "to start policing the Wild West of finance: the murky market for over-the-counter derivatives". Internet searches showed no immediate relationships between them and FTX. The New Howey Test. SEC Chair Gensler Talks Registration of Security-Based Swap Execution Facilities. Gensler was Undersecretary of the Treasury (1999-2001) and Assistant Secretary of the Treasury (1997-1999) in the United States. [30], Early in his tenure, Gensler listened to tape recordings of two Barclays employees as they discussed plans to report false interest rates in an effort to manipulate Libor. Senator Elizabeth Warren (DMA) sent a letter to Gensler requesting that the SEC investigate possible securities law violations in the conduct of a merger between the Digital World Acquisition Corp. (DWAC), a special-purpose acquisition company, and the Trump Media & Technology Group (TMTG) announced on October 20. Gary was a member of the Treasury Department's Advisory Committee on the Auditing Profession in 1998. Gary Gensler's ex-wife is non-other than Francesca Danieli, a filmmaker and photo collagist by profession. Gensler's role as a professor at MIT is widely known. [8] Under Gensler, the bipartisan commission reached unanimous votes to approve more than 70percent of the agency's rulemakings. [39] On April 19, 2021, the Senate confirmed Gensler to a 5-year term through 2026 by a vote of 5445. He won the MIT Sloan Outstanding Teacher Award based . [14] When the Treasury Department released draft legislation to bring regulatory oversight to the swaps market, Gensler sent a letter to Congress arguing that the proposal did not go far enough.[26]. [202] On April 14, Musk filed an offer to buy Twitter, Inc. with the SEC for $43 billion and take the company private (which was revised a week later to $46.5 billion). [224], On June 6, Musk's attorneys disclosed a letter to the SEC accusing Twitter executives of a material breach of contract due to lack of information provided about fake and spam accounts and claimed to reserve Musk's right to terminate the merger agreement (despite Musk waiving due diligence in his offer to buy the company on April 14). Gary Gensler blew it again. [166] On December 3, Musk had sold approximately $10 billion worth of his Tesla shares. [77] In response to record stock sales by CEOs and other corporate executives that year,[78] Gensler proposed an agency rule for a mandatory 120-day window for corporate executives who are changing existing or adopting new portfolio managements plans on December 15. U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler has advised U.S. Army personnel to refrain from investing in cryptocurrencies, calling digital assets the "Wild West." On Wednesday, January 11, the US military held a Twitter voice chat with SEC Chair Gary Gensler and SEC Commissioner Caroline Crenshaw. [250] During the 2008 presidential campaign cycle, Gensler served as a senior advisor to Hillary Clinton's presidential campaign and later advised the Obama campaign. Ray, the new CEO, was born just two years after Gensler, making the alleged family relationship impossible. In 1984, he assumed responsibility for the firm's . [255], Gensler is a runner and has finished nine marathons[8] and one 50-mile ultramarathon. [187][188] On February 24, Southern New York U.S. District Court Judge Alison Nathan issued an order rejecting requests made by Musk in his February 21 letter,[189] while the SEC was in the process of conducting an insider trading investigation of Musk and his brother Kimbal Musk for a $108 million sale of Tesla stock before Elon's November 2021 tweet. Verret earlier in the same medium. ", "CFTC's Gensler says Libor 'unsustainable', "Gary Gensler, Former Commodity Futures Trading Commission Chairman, Wins Frankel Fiduciary Prize", "Financial Consumer Protection Commission, Maryland", "The Maryland Financial Consumer Protection Act of 2018 significantly increases state regulation", "Bill Would Provide Protections to Student Loan Borrowers", "Brown Statement at Executive Session to Vote on Nominees and Subcommittees", "On the Nomination (Confirmation: Gary Gensler, of Maryland, to be a Member of the Securities and Exchange Commission)" United States Senate, April 14, 2021, "On the Nomination (Confirmation: Gary Gensler, of Maryland, to be a Member of the Securities and Exchange Commission)" United States Senate, April 20, 2021, "Senators demand cryptocurrency regulation guidance from SEC Chair Gary Gensler", "The SEC is 'short-staffed' and it needs more help to tackle everything from crypto to China, Gensler says", "Gensler compares cryptocurrency market, regulations to 'wild west', "Securities and Exchange Commission Oversight Hearing", https://www.washingtonpost.com/washington-post-live/2021/09/21/path-forward-cryptocurrency-with-gary-gensler-us-securities-exchange-commission-chair/, "Bitcoin jumps to nearly 5-month high, topping $55,000 on Wednesday", "Oversight of the U.S. Securities and Exchange Commission: Wall Street's Cop Is Finally Back on the Beat", "The SEC is poised to allow the first bitcoin futures ETFs to begin trading, source says", "First bitcoin futures ETF to make its debut Tuesday on the NYSE, ProShares says", "What the SEC chair's comments on crypto mean for a possible bitcoin ETF", "SEC Chairman Gary Gensler embarks on ambitious regulatory agenda. 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