I want to thank them for all of their support. Lead Producer: Sophie Erickson Producers: Zach Goldbaum, Caity Gray Assoc. [119], On March 26, CNBC reported that ExxonMobil started a pilot program in January 2021 with Crusoe Energy Systems to also divert its flare gas into generators producing electricity to power shipping containers full of bitcoin miners in the North Dakota Bakken region (which it expanded the following July) as part of the same industry initiative with ConocoPhillips, and that Crusoe has stated reduces carbon dioxide equivalent emissions by 63 percent as compared with continued flaring. Gary was a member of the Treasury Department's Advisory Committee on the Auditing Profession in 1998. He won the MIT Sloan Outstanding Teacher Award based . Gary Gensler is the head of the US Securities and Exchange Commission (SEC), the federal agency in charge of protecting investors of securities products and enforcing laws against market manipulation. [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. [254], Gensler won the MIT Sloan Outstanding Teacher Award based upon student nominations for the 201819 academic year. Gary Gensler, who led the Commodity Futures Trading Commission during the Obama administration from 2009 to 2014, will be President-elect Joseph R. Biden Jr.'s nominee to lead the Securities and . Gary Gensler is the chairman of the U.S. Commodity Futures Trading Commission under President Barack Obama. [220][221] On May 24, Reuters reported that since the April 2019 amended settlement between Musk and the SEC, agency officials have consciously chosen not to pursue legal action against Musk for violating the terms of the agreement and to write letters urging compliance instead due to remarks made by the presiding judge during the case. Before joining the SEC, Gensler was professor of the Practice of Global Economics and Management at the MIT Sloan School of Management, co-director of MIT's Fintech@CSAIL, and senior advisor to the MIT Media Lab Digital Currency Initiative. [255], Gensler is a runner and has finished nine marathons[8] and one 50-mile ultramarathon. Gensler was born into a Jewish family,[6] in Baltimore, Maryland, one of five children of Jane (ne Tilles) and Sam Gensler. [33], In 2017, Gensler was selected by the Maryland Senate President and House Speaker to serve as Chairman of the Maryland Financial Consumer Protection Commission, which assessed the impact of potential changes to federal financial industry laws, regulations, budgets, and policies on the state. [161] On June 27, DWAC disclosed that the SEC issued an additional subpoena as well as an investigation by the U.S. Justice Department. [121][122] On May 19, after Tesla was removed from the S&P 500 ESG Index by S&P Dow Jones Indices, Tesla CEO Elon Musk posted a tweet to his Twitter account criticizing the decision and, in noting that ExxonMobil was rated within the top 10 constituent companies in the index by weight, accused ESG of being a scam. [29], Gensler led a revitalization of the enforcement division of the agency, most notably in its prosecution of an enforcement case regarding manipulation of Libor, the London interbank offered rate. Aug 19, 2021 at 5:12 p.m. UTC Updated Sep 14, 2021 at 1:42 p.m. UTC. [66][67][68] On June 9, Gensler announced that the SEC would review market structure following the GameStop short squeeze and the AMC Entertainment Holding, Inc. meme stock short squeeze,[69] and Gensler signaled in an interview with Barron's the following August that a complete ban on payment for order flow was being considered by the review. [159][160] On June 14, DWAC disclosed that the SEC issued a subpoena for additional company documents and information about the merger. [36], In November 2020, Gensler was named a volunteer member of the Joe Biden presidential transition Agency Review Team to support transition efforts related to the Federal Reserve, Commodity Futures Trading Commission, the Federal Deposit Insurance Corporation, the National Credit Union Administration, and the Securities and Exchange Commission. Before then, Gensler, the former chair of the Commodity Futures Trading Commission (CFTC), was a professor at MIT, where he taught courses on digital assets and the blockchain. . [45] On October 5, Gensler testified before the U.S. House Financial Services Committee that the SEC had no plans to ban cryptocurrencies. Gensler lives in Baltimore with his three daughters, Anna, Lee and Isabel. Almost exactly one year ago, Gary Gensler was confirmed as chair of the Securities and Exchange Commission. [8] Under Gensler, the bipartisan commission reached unanimous votes to approve more than 70percent of the agency's rulemakings. The Editorial Board (2022) "Gary Gensler Stages a Climate Coup", Wall Street Journal, March 21. [8], During Gensler's tenure at the CFTC, he worked closely with the Obama Administration, United States Congress and other regulators to transform the $400trillion financial derivatives markets that were at the center of the 2008 financial crisis. [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". If you need one word to sum up Gensler's . Prior to getting appointed to the SEC, SEC Chair Gary Gensler was a Professor for the Practice of Global Economics & Management at MIT. [166] On December 3, Musk had sold approximately $10 billion worth of his Tesla shares. [13] At 30, Gensler became one of the youngest persons to have made partner at the firm at the time. 'Gag Orders' at the Supreme Court", "Elon Musk says Twitter deal is on hold, putting bid on shaky ground", "Elon Musk says Twitter deal on hold pending details on fake accounts; shares sink 9%", "Elon Musk's Belated Disclosure of Twitter Stake Triggers Regulators' Probes", "Twitter CEO explains how the company actually fights spambots in rebuttal to Musk", "Elon Musk says Twitter deal 'cannot move forward' until he has clarity on fake account numbers", "Elon Musk's latest stunt: calling on the SEC to investigate Twitter's user numbers", "Elon Musk calls on SEC to evaluate Twitter user numbers", "Musk met Twitter execs for 3 days before making a bid, unclear if they discussed bots", "New filing reveals the full story behind Musk's bid to buy Twitter", "In a faceoff with Elon Musk, the SEC blinked", "Twitter shareholders sue Elon Musk and Twitter over chaotic deal", "Musk's Twitter deal faces backlash from advocacy groups that are seeking to block it", "Elon Musk Threatens to End Twitter Deal Over Lack of Information on Spam Accounts", "Musk accuses Twitter of 'resisting and thwarting' his right to information on fake accounts", "Activist investor group asks SEC to investigate Tesla over plan to shrink board", "Tesla proposes a 3-for-1 stock split; Ellison to leave Board", "Elon Musk notifies Twitter he is terminating deal", "Elon Musk faces a long legal war with Twitter, which has the upper hand", "Twitter sues Elon Musk to enforce original merger agreement", "SEC letter to Musk questions tweet about Twitter acquisition", "SEC Questioned Elon Musk Tweet Over Twitter Deal", "Elon Musk Fires Back at Twitter Lawsuit", "Elon Musk asks court to reject Twitter's request for speedy trial", "Twitter board urges shareholders to approve sale to Elon Musk in revised proxy filing", "Twitter fires back at Elon Musk's attempt to delay trial", "Twitter Says Elon Musk's Opposition to Expedited Trial Is a Tactical Delay", "Twitter-Musk trial on $44 billion deal set to begin in October after Musk loses effort to delay", "Twitter-Musk Trial Set for October in Lawsuit Over Stalled $44 Billion Takeover", "Amid Musk Fight, Twitter Reports Surprising Drop in Revenue", "Twitter misses earnings expectations, partially blames revenue drop on Elon Musk takeover bid", "Tesla gets second SEC subpoena over Musk's 2018 go-private tweet", "Tesla subpoenaed over Elon Musk's tweets again", "Twitter to hold vote on Musk merger on Sept. 13", "Twitter Schedules Shareholder Vote on Elon Musk's $44 Billion Takeover Bid", "Former security chief claims Twitter buried 'egregious deficiencies', "New whistleblower allegations could factor into Twitter vs. Musk trial", "Hillary Clinton Hiring of C.F.O. April 16, 2022. [72], On July 29, Robinhood Markets launched an IPO for its stock on the Nasdaq. Gary Gensler is the Undersecretary of Treasury for Domestic Finance. [111] On March 16, the U.S. 5th Circuit Court of Appeals stayed the decision following an appeal by the U.S. Justice Department,[112] and on May 26, the U.S. Supreme Court issued an order without comment or opposition dismissing an appeal filed by the plaintiffs to reverse the 5th Circuit Court of Appeals decision. [98][99][100] In 2021 and 2022, an index constructed by researchers at the University of Cambridge showed that bitcoin mining consumed more electricity during the course of the year than the entire nations of Argentina (a G20 country) and the Netherlands. None of them are the former or current CEO of cryptocurrency exchange FTX. Move Over, GameStop", "After GameStop-like surge, Rocket stock frenzy shows signs of subsiding", "U.S. SEC "close" to publishing report on Gamestop meme saga - SEC Chair", "Investors brace for SEC Chair Gensler's report on GameStop and how brokerages get paid", "SEC says brokers enticed by payment for order flow are making trading into a game to lure investors", "SEC GameStop report debunks conspiracies, backs commission chief's plan", Staff Report on Equity and Options Market Structure Conditions in Early 2021, "Whistleblower's SEC complaint: Facebook knew platform was used to "promote human trafficking and domestic servitude", "Facebook Says Its Rules Apply to All. [194] On March 29, Musk filed another letter with the court reiterating his First Amendment concerns. [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). Gensler is a runner and has finished nine marathons and one 50-mile ultramarathon. [12] As an undergraduate, Gensler joined the University of Pennsylvania crew team as a coxswain, dropping his weight to 112 pounds to keep the boat at its proper weight. [109] On June 30, 2021, Amazon released its annual company annual sustainability report that showed that company net carbon emissions grew by 19 percent from 2019 to 2020. SEC Chair Gensler Talks Registration of Security-Based Swap Execution Facilities. [239][240] On July 22, Twitter released its earnings report for the second quarter of 2022 that showed a 1 percent decline in year-over-year company revenue and that company earnings were lower than analysts' expectations (which the company partially attributed to uncertainty created by the acquisition agreement). [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. [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. [152], On November 18, 2021, U.S. [73][74] On August 6, the SEC approved new rules implemented by Nasdaq, Inc. requiring that companies listed on its exchanges to include at least one female member on their boards of directors and at least one racial minority or LGBTQ board member and to require disclosure of statistics measuring the diversity of their board membership. 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