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SVTPerformance's Chain of Restaurants
Road Side Pub
BITCOIN
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<blockquote data-quote="Weather Man" data-source="post: 16668690" data-attributes="member: 137766"><p><a href="https://seekingalpha.com/news/3740005-sec-chair-crypto-regulation-good-for-market-pfof-may-not-deliver-best-execution" target="_blank"></a></p><p><a href="https://seekingalpha.com/news/3740005-sec-chair-crypto-regulation-good-for-market-pfof-may-not-deliver-best-execution" target="_blank">SEC's Gensler: Crypto market is 'rife with fraud and abuse,' while PFOF rules need updates</a></p><p></p><p></p><ul> <li data-xf-list-type="ul">Gary Gensler, chair of the U.S. Securities and Exchange Commission, said Wednesday that regulation will improve the cryptocurrency market, which he now believes is "rife with fraud and abuse."</li> <li data-xf-list-type="ul">In addition, the top U.S. securities regulator told CNBC that more oversight was needed for the payment-for-order-flow business model that has enabled companies like Robinhood (NASDAQ:<a href="https://seekingalpha.com/symbol/HOOD" target="_blank">HOOD</a>) to offer zero-commission trading.</li> <li data-xf-list-type="ul">He argued that the PFOF process lacks transparency and might cost traders by not offering best execution of transactions.</li> <li data-xf-list-type="ul">SPACs also appeared on the SEC chair's list of areas that require additional scrutiny. Gensler said he wanted more disclosures on topics like fees, redemptions and earnings and revenue projections.</li> <li data-xf-list-type="ul">As for the crypto markets, Gensler argued that bringing more regulatory structure was "really about bringing basic investor protections" to the sector.</li> <li data-xf-list-type="ul">"If this market has any potential, it's not going to long survive outside of an investor-protection framework," he said.</li> <li data-xf-list-type="ul">Turning to PFOF, Gensler contended that a large amount of trading is now routed through dark pools and wholesalers, making it difficult to tell if retail traders receive the best execution prices for their transactions.</li> <li data-xf-list-type="ul">Gensler said regulators need to be update the rules "for the 2020s," noting that the last revisions took place in 2005.</li> <li data-xf-list-type="ul">"A lot has changed in those 16 years," he said. "I believe we can do better."</li> <li data-xf-list-type="ul">Gensler has been a vocal advocate for broader regulation. On Tuesday, he appeared before a congressional committee to <a href="https://seekingalpha.com/news/3739598-secs-gary-gensler-addresses-risks-to-markets-climate-virus-money-markets" target="_blank">call for increased disclosures for climate-related issues and a host of other items</a>.</li> </ul></blockquote><p></p>
[QUOTE="Weather Man, post: 16668690, member: 137766"] [URL='https://seekingalpha.com/news/3740005-sec-chair-crypto-regulation-good-for-market-pfof-may-not-deliver-best-execution'] SEC's Gensler: Crypto market is 'rife with fraud and abuse,' while PFOF rules need updates[/URL] [LIST] [*]Gary Gensler, chair of the U.S. Securities and Exchange Commission, said Wednesday that regulation will improve the cryptocurrency market, which he now believes is "rife with fraud and abuse." [*]In addition, the top U.S. securities regulator told CNBC that more oversight was needed for the payment-for-order-flow business model that has enabled companies like Robinhood (NASDAQ:[URL='https://seekingalpha.com/symbol/HOOD']HOOD[/URL]) to offer zero-commission trading. [*]He argued that the PFOF process lacks transparency and might cost traders by not offering best execution of transactions. [*]SPACs also appeared on the SEC chair's list of areas that require additional scrutiny. Gensler said he wanted more disclosures on topics like fees, redemptions and earnings and revenue projections. [*]As for the crypto markets, Gensler argued that bringing more regulatory structure was "really about bringing basic investor protections" to the sector. [*]"If this market has any potential, it's not going to long survive outside of an investor-protection framework," he said. [*]Turning to PFOF, Gensler contended that a large amount of trading is now routed through dark pools and wholesalers, making it difficult to tell if retail traders receive the best execution prices for their transactions. [*]Gensler said regulators need to be update the rules "for the 2020s," noting that the last revisions took place in 2005. [*]"A lot has changed in those 16 years," he said. "I believe we can do better." [*]Gensler has been a vocal advocate for broader regulation. On Tuesday, he appeared before a congressional committee to [URL='https://seekingalpha.com/news/3739598-secs-gary-gensler-addresses-risks-to-markets-climate-virus-money-markets']call for increased disclosures for climate-related issues and a host of other items[/URL]. [/LIST] [/QUOTE]
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