Republicans, like Sen. Pat Toomey, of Pennsylvania, the committee’s rating member, have criticized Mr. Gensler for “politicizing” the SEC. “It isn’t the SEC’s position, nor experience — as an impartial monetary regulator with zero democratic accountability — to deal with these political and social points,” Mr. Toomey stated.
On cryptocurrency, Mr. Gensler stated massive elements of the market are working outdoors regulatory frameworks that defend buyers and shoppers, guard in opposition to illicit exercise and guarantee for monetary stability.
“I’ve a perception that (crypto) has been a catalyst for change, however I believe if it stays outdoors of the general public coverage framework for anti-money laundering, tax compliance, investor safety, it is not going to lengthy persist,” Mr. Gensler stated following a line of questioning from Sen. Elizabeth Warren, D-Mass., a proponent of added cryptocurrency rules.
The SEC employees has largely been working remotely for the final 18 months, however final month the company approved a voluntary return to the workplace initiative, Mr. Gensler stated. He additionally informed lawmakers that the SEC may use extra employees — its workforce has decreased by about 4% since 2016 when it had 4,650 workers, he stated.