What did Gary Gensler say about cryptocurrency in his 'last public speech' before stepping down?

Gary Gensler, chair of the Securities and Exchange Commission (SEC), is rumored to be resigning. In a recent public speech, he discussed the proportion of cryptocurrency, which is likely to be his final public statement. Here is the content of Gary Gensler's speech on 11/14, 2024, compiled by the Dynamic Zone. Thank you to the Practicing Law Institute for hosting the 56th Annual Securities Regulation Forum and inviting me to participate in this event. Two years ago, at this forum, I quoted a sentence from President Franklin Roosevelt when he signed the first basic securities law in 1933: "The law and its effective enforcement are a step in the plan to restore some old-fashioned integrity standards." This year, I want to talk about "effective enforcement." I want to make it clear that the content of today's speech represents only my personal views as chair of the SEC and does not represent the work of other commissioners or commission staff. I believe that over the past 90 years, our securities laws have made significant contributions to the success of the country's economy. The existence of securities laws has helped build trust in the capital market for both investors and issuers. These regulations have reduced costs and risk. The size and depth of our capital market are the best proof of these achievements. The US capital market, which now exceeds $120 trillion, is part of our country's competitive advantage, supporting the global dominance of the US dollar and our role internationally. Our capital market is the preferred choice for global issuers and investors, accounting for more than 40% of the global capital market, while our economy accounts for only 24% of the global total. But this is not a coincidence. In the 1930s, President Roosevelt and Congress recognized that well-regulated markets can build trust and create an environment for economic success. Since then, several presidents, including Richard Nixon, Gerald Ford, Ronald Reagan, Bill Clinton, George W. Bush, and President Obama, as well as Congress, have always adhered to this concept when amending securities laws to promote the development of the capital market and economic prosperity. In my view, these rules are like common-sense "road rules" for driving or playing football. Over the years, whenever one of my three daughters leaves with the car keys, I always sleep more soundly because of these common-sense road rules. There are parking signs, traffic lights, speed limits, and rules against drunk driving. I am also reassured that there are police enforcing these rules to ensure their safety. Common-sense traffic rules not only reduce risk but also promote economic activities. A hundred years ago, the US automobile industry would not have been so successful without traffic lights and speed standards to instill consumer trust in this new product. Now, in the current season of American football, imagine what the field would be like without rules or referees from the National Football League (NFL). It would be chaos, and players could get hurt. Common-sense game rules not only protect players but also give fans more confidence in the fairness of the game. Therefore, the existence of rules and referees has promoted the commercial development of the game. The financial world is the same. Common-sense rules have reduced risk and established trust among market participants. President Roosevelt and Congress, when formulating securities laws in the 1930s, experienced the ravages of speculators, fraudsters, eyewash artists, and Ponzi schemes in the 1920s, and knew the consequences of unregulated markets. In the following decades, several presidents faced changes in technology and business models and repeatedly strengthened market regulation, witnessing the same positive effects. They also knew that these "road rules" were not only designed for fraudulent behavior. Congress established important provisions on information disclosure because securities information is a public good. They also established important norms for corporate governance, conflicts of interest for intermediaries, disclosure, and business conduct. At the same time, regulations were also established for "gatekeepers" such as investment banks and audit institutions. As learners of history and economics, we all understand that the world is never static. Technology and business models are constantly evolving, and other countries are also trying to challenge our position as a leader in the capital market. Therefore, for those fortunate enough to shoulder this mission, our job is to continuously update the "road rules." This is what we have been doing all along - we strive to reduce the cost and risk of the capital market, which economists call promoting efficiency, resilience, and integrity. Bond Market Let's talk about the cornerstone of the capital market - the $28 trillion US bond market. It is not only crucial for your clients and their well-being but also the foundation of our country's self-financing, a tool for the execution of monetary policy by the Federal Reserve, and crucial for maintaining the dominance of the US dollar. However, the bond market has experienced fluctuations. In order to reduce the cost and risk of these markets, we have implemented a series of reforms, such as promoting central clearing of the bond market. With these clearing rules gradually being implemented over the next year and a half, your clients may seek your advice on how to participate in this new bond market that promotes market-wide trading and competition. Stock Market Next, let's talk about the nearly $60 trillion US stock market. Although it is the deepest and most liquid stock market in the world, we have not comprehensively updated the "road rules" for almost 20 years. Therefore, I am proud of the achievements we have made for our institutions. Ordinary investors now benefit from the new rule that shortens the settlement cycle to one day. This means that if an investor sells stocks on Monday, they can get the cash on Tuesday without having to wait until Wednesday. In addition, we have unanimously passed updates to the rules of the national market system this fall. Your clients and ordinary investors will benefit from a more efficient stock market, with stock quotes narrowing to half-cent increments. They will also benefit from another unanimously passed rule, which updates the information disclosure on broker execution quality. Corporate Governance President Roosevelt and Congress also entrusted the SEC with a role in corporate governance when formulating securities laws. Subsequent presidents and Congress have supplemented these laws several times. In order to further promote trust in the capital market, we have adopted a series of rules on corporate governance, including: - Rules on when insiders can sell stocks; - Rules requiring the return of compensation when executives are rewarded for financial data errors; - Disclosure requirements for executive compensation and company performance; - More timely disclosure requirements for those attempting to acquire more than 5% of the shares. The implementation of these rules is to ensure the transparency and trustworthiness of the capital market, further consolidating the US market's leadership position. Information Disclosure Many of your clients will seek your advice on one of the core principles of our securities laws - information disclosure. When I took on this position, investors demanded more detailed disclosure, especially in the areas of cybersecurity and climate risk for issuers. At the same time, the frenzy of special purpose acquisition companies (SPACs) has raised investors' expectations for further improvement in the disclosure and integrity of this market. Based on public opinion, we have proposed new rules for these three...