{"id":516621,"date":"2022-11-27T04:31:40","date_gmt":"2022-11-27T01:31:40","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/sec-chair-gary-gensler-to-unveil-big-changes-amid-ftx-scandal\/"},"modified":"2022-11-27T04:31:40","modified_gmt":"2022-11-27T01:31:40","slug":"sec-chair-gary-gensler-to-unveil-big-changes-amid-ftx-scandal","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/sec-chair-gary-gensler-to-unveil-big-changes-amid-ftx-scandal\/","title":{"rendered":"#SEC chair Gary Gensler to unveil big changes amid FTX scandal"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a23a46012de2\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a23a46012de2\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/sec-chair-gary-gensler-to-unveil-big-changes-amid-ftx-scandal\/#%E2%80%9CSEC_chair_Gary_Gensler_to_unveil_big_changes_amid_FTX_scandal%E2%80%9D\" >&#8220;SEC chair Gary Gensler to unveil big changes amid FTX scandal&#8221;<\/a><ul class='ez-toc-list-level-2' ><li class='ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/sec-chair-gary-gensler-to-unveil-big-changes-amid-ftx-scandal\/#Billions_missing\" >Billions missing<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/buradabiliyorum.com\/en\/sec-chair-gary-gensler-to-unveil-big-changes-amid-ftx-scandal\/#Looking_for_headlines\" >Looking for headlines<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9CSEC_chair_Gary_Gensler_to_unveil_big_changes_amid_FTX_scandal%E2%80%9D\"><\/span>&#8220;SEC chair Gary Gensler to unveil big changes amid FTX scandal&#8221;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<div>\n<aside class=\"single__inline-module alignleft\">\n<div class=\"inline-module inline-module--columnist inline-module--author\">\n<div class=\"inline-module--author__img\">\n            <img decoding=\"async\" width=\"76\" height=\"69\" src=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2013\/08\/Gasparino_Charles_headshot.png?w=76&amp;h=69&amp;crop=1\" class=\"attachment-nyp_columnist size-nyp_columnist\" alt=\"Charles Gasparino\" loading=\"lazy\" srcset=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2013\/08\/Gasparino_Charles_headshot.png?w=152 152w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2013\/08\/Gasparino_Charles_headshot.png?w=114 114w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2013\/08\/Gasparino_Charles_headshot.png?w=76 76w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2013\/08\/Gasparino_Charles_headshot.png?w=38 38w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2013\/08\/Gasparino_Charles_headshot.png 706w\" sizes=\"auto, (max-width: 76px) 100vw, 76px\"\/><\/div>\n<\/div>\n<\/aside>\n<p>You would think that with the FTX scandal still brewing and investors missing billions of dollars from their supposedly secured crypto accounts, Securities and Exchange Commission chair Gary Gensler would have so much on his plate, he wouldn\u2019t have time to muck around in our capital markets, which are working just fine.<\/p>\n<p>But sources tell me Gensler is doing just that \u2014 preparing to unveil plans for the biggest changes in about two decades to the way stocks are routed from buyers to sellers. If Gensler\u2019s timing holds, he will announce (possibly this week) an open meeting for mid-December that will detail his plan to remake the nation\u2019s $46 trillion stock market, as I first reported on Fox Business.<\/p>\n<p>The idea is to jam out his proposed changes \u2014 and they\u2019re pretty significant \u2014 before year\u2019s end.<\/p>\n<p>Why the rush? The word inside the SEC is that Gensler wants to get much of the work on it done before the new GOP Congress takes over Jan. 3. While a probe of Hunter Biden\u2019s swampy business dealings is high on the list of the incoming committee chairs, Gensler knows he also has a target on his back for his ambitious \u2014 some would say zealous \u2014 progressive agenda at an agency that has a core mission of protecting investors from being ripped off by scammers.<\/p>\n<p>The Gensler SEC has moved so far beyond this mission that he\u2019s looking to score lefty points and join the Environmental <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">Social<\/a> Governance bandwagon by forcing companies to disclose non-financial metrics such as how they are reducing their carbon footprint.<\/p>\n<p>The House Financial Services Committee, meanwhile, is intent on grilling Gensler on what he knew about the shenanigans of Sam Bankman-Fried, the Democratic megadonor under criminal investigation over the implosion of the crypto exchange FTX. The company is now in bankruptcy, while SBF, as he\u2019s known, remains in the Bahamas.<\/p>\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"682\" src=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/11\/gary-gensler-3.jpg?w=1024\" alt=\"Securities and Exchange Commission, Chairman Gary Gensler testifies before a Senate Banking, Housing, and Urban Affairs Committee hearing on &quot;Oversight of the U.S. Securities and Exchange Commission&quot; on Tuesday, Sept. 14, 2021, in Washington.\" class=\"wp-image-24801547\" srcset=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/11\/gary-gensler-3.jpg?quality=75&amp;strip=all&amp;w=1535 1536w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/11\/gary-gensler-3.jpg?quality=75&amp;strip=all 1024w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/11\/gary-gensler-3.jpg?quality=75&amp;strip=all&amp;w=512 512w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\"\/><figcaption>If Gensler\u2019s timing holds, he will announce (possibly this week) an open meeting for mid-December that will detail his plan to remake the nation\u2019s $46 trillion stock market<\/figcaption><figcaption><span class=\"credit\">Bill Clark\/Pool via AP<\/span><\/figcaption><\/figure>\n<h2><span class=\"ez-toc-section\" id=\"Billions_missing\"><\/span>Billions missing<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>As this column goes to press, countless billions in customer money remain missing, likely gambled away in Bankman-Fried\u2019s side hustle of a prop-trading fund.<\/p>\n<p>Here\u2019s where things get interesting: Gensler met with SBF months before the blowup. The SEC had additional meetings with the fallen crypto bro\u2019s people and business partners who were looking to start a commission-<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>roved exchange. GOPers want to hear how all this occurred \u00adunder the nose of Wall Street\u2019s \u00adso-called top cop.<\/p>\n<p>Market structure, meanwhile, hasn\u2019t really caught the full attention of the incoming 118th Congress and its new GOP majority yet, but it should. The way we buy and sell stocks, the so-called plumbing of the market, is often taken for granted for the simple reason that it works pretty seamlessly even if the process is pretty complex.<\/p>\n<p>It\u2019s more complicated than just a bunch of guys on the New York Stock Exchange screaming out bids to match buyers and sellers.<\/p>\n<aside class=\"single__inline-module alignright\">\n    <\/aside>\n<p>For starters, most of those guys are gone, replaced by computers that can match orders in nanoseconds. The main public stock markets, the NYSE and the Nasdaq, aren\u2019t the only <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/game\/\" data-internallinksmanager029f6b8e52c=\"7\" title=\"Game\" target=\"_blank\" rel=\"noopener\">game<\/a> in town and are in competition to match buyers and sellers with private exchanges and market makers, companies like Citadel Securities and Virtu Financial. They\u2019re armed with highly efficient trading machines that can match orders cheaply and still skim a bit and make a profit. It\u2019s why we have low-cost and, in the case of Robinhood, no-fee trading platforms.<\/p>\n<p>The system isn\u2019t perfect, of course (see what happened during the early stages of the so-called meme-stock craze of 2020-21). There are outages and price discrepancies due to computer errors. But it works pretty well, and by most measures small investors benefit greatly from better execution and lower trading costs \u2014 just the way the SEC intended the last time it instituted changes.<\/p>\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" loading=\"lazy\" width=\"683\" height=\"1024\" src=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/11\/sam-bankman-fried-3.jpg?w=683\" alt=\"FTX founder Sam Bankman-Fried\" class=\"wp-image-24801560\" srcset=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/11\/sam-bankman-fried-3.jpg?quality=75&amp;strip=all&amp;w=1366 1366w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/11\/sam-bankman-fried-3.jpg?quality=75&amp;strip=all 1024w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/11\/sam-bankman-fried-3.jpg?quality=75&amp;strip=all&amp;w=683 683w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/11\/sam-bankman-fried-3.jpg?quality=75&amp;strip=all&amp;w=341 341w\" sizes=\"auto, (max-width: 683px) 100vw, 683px\"\/><figcaption>Sam Bankman-Fried is under criminal investigation over the implosion of the crypto exchange FTX.<\/figcaption><figcaption><span class=\"credit\">FTX\/Handout via REUTERS\/File Photo<\/span><\/figcaption><\/figure>\n<p>Anything can be improved \u2014 but should it?<\/p>\n<p>The main thrust of Gensler\u2019s proposal, according to people briefed on it, could cost retail investors billions of dollars. I don\u2019t have all the details, but broadly he wants trades made by small investors to be routed separately into various public auctions, presumably run by the NYSE or Nasdaq \u2014 a change that would significantly reduce competition that the SEC intended. His hypothesis is that there\u2019s nefarious stuff going on in those private venues where \u00adrip-offs might be going down.<\/p>\n<p>What are those rip-offs? Gensler hasn\u2019t really said. Do we have evidence that cheap or no-fee discount brokers are covering up hidden costs on execution performed by market makers? No.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Looking_for_headlines\"><\/span>Looking for headlines<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>So why is Gensler looking to fix what isn\u2019t broken? Some people in the markets say he\u2019s merely looking for headlines and to curry \u00adfavor with the Wall Street-hating progressive Sen. Elizabeth Warren, who has a big say in President Biden appointments for economic roles in the administration. Gensler is eyeing treasury secretary when Janet Yellen steps down next year as expected.<\/p>\n<p>Others say he really does think Wall Street is a sewer of corruption. Maybe we will find out more at the SEC\u2019s next open meeting, or maybe Gensler will drop his fixation with fixing something that\u2019s not broken and realize his time is better spent finding those countless billions still missing from those FTX customer accounts.\n                        <\/p><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/news\/\" target=\"_blank\" rel=\"noopener\">News category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/nypost.com\/2022\/11\/26\/sec-chair-gary-gensler-to-unveil-big-changes-amid-ftx-scandal\/\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;SEC chair Gary Gensler to unveil big changes amid FTX scandal&#8221; You would think that with the FTX scandal still brewing and investors missing billions of dollars from their supposedly secured crypto accounts, Securities and Exchange Commission chair Gary Gensler would have so much on his plate, he wouldn\u2019t have time to muck around in&#8230;<\/p>\n","protected":false},"author":1,"featured_media":516622,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/11\/ftx-comp-1.jpg?quality=75&strip=all&w=1024","fifu_image_alt":"","footnotes":""},"categories":[70897],"tags":[135234,74898,136241,76127,118979],"class_list":["post-516621","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-ftx","tag-sec","tag-11-26-22","tag-cryptocurrency","tag-gary-gensler"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/516621","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=516621"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/516621\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/516622"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=516621"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=516621"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=516621"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}