Wall Street’s top regulator is pursuing the U.S. stock market's biggest overhaul in two decades — but first he’ll have to fend off a major industry resistance campaign
While Gary Gensler has acknowledged the ease with which individuals can enter the market today, the SEC chair has argued the system can work better for investors. | Anna Moneymaker/Getty ImagesWall Street’s top regulator is pursuing the biggest overhaul of the $51 trillion U.S. stock market in two decades. First he’ll have to fend off a major industry resistance campaign.
Gensler’s bid to revamp the structure of the stock market is shaping up to be one of the most contentious pieces of an already ambitious agenda that has also sought to impose landmark climate disclosure rules on public companies and tame the largely unregulated crypto marketplace. Billions of dollars are on the line at some of Wall Street’s most powerful firms. SEC officials have talked about rewriting the trading rules for years without making major changes.
“We haven’t updated key aspects of our national market system rules, particularly related to order handling and execution, since 2005,” Gensler said in recent testimony to the Senate Banking Committee. “Think about that. When you reach into your pocket, you likely will find a phone that did not exist 17 years ago.
It’s nothing new for Gensler, who as chair of the Obama-era Commodity Futures Trading Commission attracted legal challenges as he led work on rules to rein in derivatives trading that destabilized companies like AIG. Gensler declined to comment for this story. Robinhood Chief Legal Officer Dan Gallagher, a former Republican SEC commissioner, warned that the agency is pursuing an unnecessary overhaul to a system that works well for investors who can buy and sell stocks without delays or commission fees. Gallagher said in an interview the SEC is currently in search of a “theoretical nail” to hammer down.
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