“We Obtained Judgments Worth $5 Billion” Gary Gensler Recounts Achievements Amid Backlash
The head of the Securities and Exchange Commission (SEC) Gary Gensler disclosed a summary of the agency’s performance in its quest to promote a more transparent market.
In his speech at the 2023 Securities Enforcement Forum titled, “Partners of Honest Business and Prosecutors of Dishonesty,” he highlighted contemporary issues faced by regulators as well as legal challenges, achievements, and a mini talk on the crypto market.
Hailing the efforts of “unweary” SEC staff and Commissioners, Gensler noted that within the year, the SEC filed over 780 actions among which 500 were standalone lawsuits.
He also revealed that the Commission obtained judgments worth over $5 billion and has so far enforced many, including dispersing $930 million to victims of bad actors.
The Commission has instituted 40 actions against digital asset firms resulting in penalties of approximately $1.5 billion.
“These numbers, though, tell only part of the story. Our philosophy behind them tells a fuller one. Again, I think of our enforcement program through five themes: Economic Realities, Accountability, High-Impact Cases, Process, and Positions of Trust.”
In line with the theme of his speech, the SEC Chair pointed to growing criticism that tough regulations harm the market by hitting on a speech from the first SEC boss, Joseph Kennedy adding that they are not prosecutors of honest business nor defenders of crookedness.
In the course of the speech, Gensler commented that the industry was talking alongside stressing wider regulations for investor protection.
“Don’t get me started on crypto. I won’t even name all the individuals we’ve charged in this highly noncompliant field.”
He maintained the position that most cryptocurrencies are securities and
Read more on cryptonews.com
