1
00:00:00,080 --> 00:00:03,200
Speaker 1: We're joined for an exclusive interview with the Chair of

2
00:00:03,240 --> 00:00:07,400
Speaker 1: the SEC, Gary Gensler. He is here in our Washington studios.

3
00:00:07,400 --> 00:00:10,039
Speaker 1: Mister Chair, thank you so much for being here. I'd

4
00:00:10,160 --> 00:00:12,840
Speaker 1: like to begin with your newest rules that you just

5
00:00:12,960 --> 00:00:16,919
Speaker 1: unveiled yesterday, putting restrictions on brokerages and money managers and

6
00:00:16,960 --> 00:00:19,479
Speaker 1: their use of AI to interact with clients. What is

7
00:00:19,520 --> 00:00:23,079
Speaker 1: your primary concern with the adoption of this technology that

8
00:00:23,120 --> 00:00:24,080
Speaker 1: you're trying to address?

9
00:00:24,200 --> 00:00:25,639
Speaker 2: First, Kayley, it's good to be with you.

10
00:00:25,800 --> 00:00:30,800
Speaker 3: But talking about this, I think that predictive data analytics,

11
00:00:30,800 --> 00:00:36,000
Speaker 3: including artificial intelligence, is the transformative technology of our times,

12
00:00:36,000 --> 00:00:39,080
Speaker 3: and every bit is transformatives to the Internet or mass

13
00:00:39,080 --> 00:00:41,200
Speaker 3: production of the automobile one hundred years ago.

14
00:00:41,479 --> 00:00:43,280
Speaker 2: Now, what are we trying to address?

15
00:00:43,960 --> 00:00:48,960
Speaker 3: When an investment advisor or a broker works with you

16
00:00:49,000 --> 00:00:53,080
Speaker 3: as an investor, they're not supposed to put their interest,

17
00:00:53,280 --> 00:00:56,720
Speaker 3: the advisor's interest ahead of yours Kayley, as an investor.

18
00:00:57,440 --> 00:00:59,760
Speaker 3: And so what we're trying to do is make sure

19
00:00:59,800 --> 00:01:04,920
Speaker 3: that the technology aligns with that standard, that the technology

20
00:01:05,120 --> 00:01:08,080
Speaker 3: that can predict about each and every one of us,

21
00:01:08,120 --> 00:01:11,880
Speaker 3: so much about how we might react to a little

22
00:01:11,880 --> 00:01:16,000
Speaker 3: behavioral prompt or a little knowledge how we might react

23
00:01:16,520 --> 00:01:20,440
Speaker 3: that they're putting our interest as an investor in the

24
00:01:20,480 --> 00:01:23,360
Speaker 3: right place and not putting themselves ahead of it.

25
00:01:23,920 --> 00:01:25,640
Speaker 1: And of course the AI move wasn't the only one

26
00:01:25,640 --> 00:01:28,880
Speaker 1: you made yesterday. You also just approved a plan to

27
00:01:28,920 --> 00:01:32,840
Speaker 1: require companies to disclose cyber breaches within a four business

28
00:01:32,920 --> 00:01:35,920
Speaker 1: date timeline. Why is that the appropriate time frame?

29
00:01:36,160 --> 00:01:38,960
Speaker 3: Well, if I could just give a little bit more,

30
00:01:39,080 --> 00:01:41,360
Speaker 3: it's about material.

31
00:01:42,600 --> 00:01:43,160
Speaker 2: Incidents.

32
00:01:43,720 --> 00:01:47,400
Speaker 3: So if a company lost a factory, and that factory

33
00:01:47,440 --> 00:01:52,080
Speaker 3: is wiped out, and that factory is material to its operations,

34
00:01:52,320 --> 00:01:57,040
Speaker 3: let's say, because it's lost to a hurricane, investors need

35
00:01:57,080 --> 00:01:59,440
Speaker 3: to know when they're buying and selling the stock.

36
00:02:00,320 --> 00:02:02,200
Speaker 2: Way, if you had a.

37
00:02:01,640 --> 00:02:05,920
Speaker 3: Cyber incident that management determines as material, you know, hundreds

38
00:02:05,920 --> 00:02:10,440
Speaker 3: of millions of files lost or something or compromised. Investors

39
00:02:10,560 --> 00:02:12,679
Speaker 3: benefit from that disclosure.

40
00:02:12,960 --> 00:02:16,079
Speaker 1: But giving business is just four days to disclose that.

41
00:02:16,080 --> 00:02:22,440
Speaker 3: That's what we have in our rules today currently, four

42
00:02:22,600 --> 00:02:27,240
Speaker 3: business days if you have, like if that factory you know,

43
00:02:27,480 --> 00:02:31,400
Speaker 3: was wiped out by a hurricane, to put out the

44
00:02:31,480 --> 00:02:36,800
Speaker 3: material information. And so that's consistent with rules on the books.

45
00:02:36,960 --> 00:02:40,840
Speaker 3: And by the way, many companies have been making such disclosures,

46
00:02:40,880 --> 00:02:44,560
Speaker 3: some haven't. It's been fragmented and we thought it was

47
00:02:44,560 --> 00:02:50,480
Speaker 3: important to bring some consistency to it around these material events.

48
00:02:52,840 --> 00:02:55,239
Speaker 4: Mister Charr Danny Berger here in London, really wonderful to

49
00:02:55,240 --> 00:02:57,600
Speaker 4: speak with you today now now on some of your

50
00:02:57,639 --> 00:03:01,959
Speaker 4: proposals when it comes to equity market structural reforms. You

51
00:03:02,040 --> 00:03:05,520
Speaker 4: joined Bloomberg TV back in March. You said, of market participants,

52
00:03:06,040 --> 00:03:08,920
Speaker 4: give us your best advice. Tell us what you think.

53
00:03:09,360 --> 00:03:11,519
Speaker 4: What did you get? What was the best advice you got?

54
00:03:13,400 --> 00:03:14,560
Speaker 2: Well, we got.

55
00:03:14,440 --> 00:03:20,480
Speaker 3: In terms of equity market structure, thousands of comments. So

56
00:03:21,080 --> 00:03:24,120
Speaker 3: I would say that what we're about at the SEC

57
00:03:24,360 --> 00:03:28,520
Speaker 3: is trying to drive greater efficiency and competition in those markets.

58
00:03:28,560 --> 00:03:31,960
Speaker 2: So when you send an order into.

59
00:03:31,720 --> 00:03:36,520
Speaker 3: A broker, that you feel that you're getting best execution

60
00:03:36,720 --> 00:03:42,800
Speaker 3: on that order, and also that the markets themselves are competitive.

61
00:03:43,160 --> 00:03:46,560
Speaker 3: So one of our rules was about sort of leveling

62
00:03:46,600 --> 00:03:51,440
Speaker 3: the playing field between the lit markets, the so called

63
00:03:51,840 --> 00:03:55,400
Speaker 3: New York Stock Exchange and NASDAK and so forth, and

64
00:03:55,440 --> 00:03:59,320
Speaker 3: the wholesalers are dark market, which at times the dark

65
00:04:00,080 --> 00:04:02,120
Speaker 3: part of the markets are between a third and a

66
00:04:02,160 --> 00:04:04,320
Speaker 3: half of the market. So it's trying to bring some

67
00:04:05,480 --> 00:04:09,720
Speaker 3: level the playing field and ensure that investors are getting

68
00:04:09,960 --> 00:04:11,600
Speaker 3: best execution in these markets.

69
00:04:12,600 --> 00:04:15,560
Speaker 4: What about in terms of the feedback you got, are

70
00:04:15,600 --> 00:04:17,719
Speaker 4: you taking any of that on board? Would you change

71
00:04:17,760 --> 00:04:19,800
Speaker 4: anything considering what you've heard so far?

72
00:04:21,240 --> 00:04:25,080
Speaker 3: Well, we do that as a regular basis. When we

73
00:04:25,120 --> 00:04:27,360
Speaker 3: make a proposal, we put it out to public comment

74
00:04:27,400 --> 00:04:31,599
Speaker 3: and get feedback. And we put out four separate proposals

75
00:04:32,240 --> 00:04:36,560
Speaker 3: for different aspects in the markets, and I think we've

76
00:04:36,600 --> 00:04:39,960
Speaker 3: gotten four to six thousand comments on each of them.

77
00:04:40,080 --> 00:04:46,120
Speaker 3: So and we naturally consider it and the staff makes

78
00:04:46,160 --> 00:04:47,800
Speaker 3: recommendations about adjustments.

79
00:04:48,520 --> 00:04:51,680
Speaker 1: Okay, I'd like to discuss another proposed rulemaking that has

80
00:04:51,720 --> 00:04:54,560
Speaker 1: received a certain degree of feedback, your climate risk disclosure,

81
00:04:54,680 --> 00:04:59,000
Speaker 1: specifically as it relates to Scope three emissions. What conversations

82
00:04:59,040 --> 00:05:01,400
Speaker 1: are you having around Scope three in particular.

83
00:05:01,800 --> 00:05:04,680
Speaker 3: Well, we've heard a lot from the public on this,

84
00:05:04,800 --> 00:05:09,200
Speaker 3: but to set the stage, companies today are making disclosures

85
00:05:09,200 --> 00:05:12,160
Speaker 3: around climate risk. In fact, well over half of the

86
00:05:12,200 --> 00:05:17,080
Speaker 3: top thousand or so companies currently made climate risk disclosures,

87
00:05:17,120 --> 00:05:22,479
Speaker 3: including greenhouse gas emission disclosures. So we're trying to bring

88
00:05:22,600 --> 00:05:26,040
Speaker 3: consistency to that and yes, for investors that they can

89
00:05:26,120 --> 00:05:30,560
Speaker 3: compare comparability for that. You asked about one part of

90
00:05:30,640 --> 00:05:34,119
Speaker 3: greenhouse gas missions, so called Scope three, which is about

91
00:05:34,160 --> 00:05:35,159
Speaker 3: the supply.

92
00:05:34,920 --> 00:05:37,800
Speaker 2: Chain, and right were a lot of the concern lines.

93
00:05:37,520 --> 00:05:42,640
Speaker 3: And so we've heard from a lot of commenters about that,

94
00:05:42,720 --> 00:05:45,159
Speaker 3: both from issuers and investors.

95
00:05:46,040 --> 00:05:47,440
Speaker 2: We understood when we made.

96
00:05:47,320 --> 00:05:51,320
Speaker 3: A proposal that this was not as well developed so

97
00:05:51,400 --> 00:05:56,719
Speaker 3: called disclosures around supply chain emissions, and so we're taking

98
00:05:56,760 --> 00:05:59,919
Speaker 3: that into consideration. And as I just chatted with your

99
00:06:01,440 --> 00:06:07,360
Speaker 3: the staff considers what to recommend upon adoption and whether

100
00:06:07,400 --> 00:06:08,520
Speaker 3: to make adjustments so we.

101
00:06:08,520 --> 00:06:10,159
Speaker 1: Could see you change there potentially.

102
00:06:10,240 --> 00:06:12,760
Speaker 3: Well, just as in the equity markets that I talked about,

103
00:06:12,800 --> 00:06:17,839
Speaker 3: We do take these comments seriously, Kayley. It's a really

104
00:06:18,520 --> 00:06:22,680
Speaker 3: rigorous exercise in climate. We got sixteen thousand comments, so

105
00:06:23,160 --> 00:06:25,039
Speaker 3: it's a lot to sort of sort through. But the

106
00:06:25,120 --> 00:06:31,360
Speaker 3: Scope three issue is one that we've heard significant comments. Interestingly,

107
00:06:31,600 --> 00:06:34,120
Speaker 3: we've heard from I think forty eight or forty nine

108
00:06:34,320 --> 00:06:37,919
Speaker 3: of the state farm bureaus literally about.

109
00:06:37,600 --> 00:06:39,839
Speaker 2: Well, what is this effect?

110
00:06:40,320 --> 00:06:46,200
Speaker 3: And we only oversee the public companies, these six or

111
00:06:46,240 --> 00:06:47,839
Speaker 3: seven thousand public companies.

112
00:06:48,240 --> 00:06:49,560
Speaker 2: That's it.

113
00:06:49,640 --> 00:06:53,880
Speaker 3: We are a disclosure based agency. I often say we're

114
00:06:53,960 --> 00:06:54,760
Speaker 3: merit neutral.

115
00:06:54,839 --> 00:06:56,560
Speaker 2: We are not. You know, we're not.

116
00:06:57,800 --> 00:07:02,799
Speaker 3: This disclosure is about something already happening between investors and issuers,

117
00:07:03,800 --> 00:07:07,960
Speaker 3: and it's an important thing to bring consistency. It's not

118
00:07:08,080 --> 00:07:12,720
Speaker 3: about those you know, those farmers and ranchers who thoughtfully

119
00:07:12,760 --> 00:07:13,200
Speaker 3: wrote us.

120
00:07:13,800 --> 00:07:14,440
Speaker 2: So we've heard.

121
00:07:14,920 --> 00:07:17,200
Speaker 1: Okay, I'd like to move to a different topic which

122
00:07:17,400 --> 00:07:20,920
Speaker 1: has gotten a lot of attention lately, Crypto, specifically a

123
00:07:21,000 --> 00:07:23,000
Speaker 1: ruling that was made in the Ripple case that XRP

124
00:07:23,880 --> 00:07:27,240
Speaker 1: is only a security when sold to institutional investors, not

125
00:07:27,320 --> 00:07:31,080
Speaker 1: so with retail investors. I know you've previously said you

126
00:07:31,120 --> 00:07:33,920
Speaker 1: were disappointed by that ruling. The SEC has also said

127
00:07:34,320 --> 00:07:37,400
Speaker 1: that it intends to seek further review. So does that

128
00:07:37,440 --> 00:07:39,680
Speaker 1: mean you were going to appeal it? Can you elaborate

129
00:07:39,680 --> 00:07:40,640
Speaker 1: on your thoughts.

130
00:07:40,360 --> 00:07:41,960
Speaker 2: Around that ruling? Kaylee?

131
00:07:42,160 --> 00:07:46,920
Speaker 3: Great question, But the Commission, I'm one of five commissioners.

132
00:07:47,200 --> 00:07:48,320
Speaker 2: The Commission has not.

133
00:07:49,720 --> 00:07:56,120
Speaker 3: Acted on that, and if the staff makes a recommendation,

134
00:07:56,240 --> 00:07:59,200
Speaker 3: we'll have a discussion of it and we'll take it

135
00:07:59,280 --> 00:07:59,560
Speaker 3: up then.

136
00:07:59,600 --> 00:08:01,880
Speaker 2: But I don't really have anything more on you for

137
00:08:02,080 --> 00:08:02,480
Speaker 2: you for that.

138
00:08:03,560 --> 00:08:06,720
Speaker 4: In the meantime, as we wait for this, what does

139
00:08:06,760 --> 00:08:10,360
Speaker 4: it mean for your efforts around Crypto? For your efforts

140
00:08:10,400 --> 00:08:13,000
Speaker 4: to try to protect the consumer in these areas, does

141
00:08:13,040 --> 00:08:13,880
Speaker 4: it complicate it?

142
00:08:16,040 --> 00:08:24,840
Speaker 3: Look, this field of crypto investing, a lot of investors

143
00:08:26,040 --> 00:08:31,000
Speaker 3: should be aware. It's not only a highly speculative asset class,

144
00:08:31,560 --> 00:08:36,760
Speaker 3: it's also one that they currently should not assume that

145
00:08:36,760 --> 00:08:40,959
Speaker 3: they're getting the protections of the securities laws. Even know

146
00:08:41,160 --> 00:08:44,600
Speaker 3: the securities laws apply to many of those tokens without

147
00:08:44,640 --> 00:08:50,559
Speaker 3: prejudging anyone, but you as investors are not getting the full,

148
00:08:50,679 --> 00:08:56,719
Speaker 3: fair and truthful disclosure. And the platforms, the intermediaries are

149
00:08:56,720 --> 00:09:00,840
Speaker 3: doing things that we would never in a day allow

150
00:09:01,160 --> 00:09:04,120
Speaker 3: or think the New York Stock Exchange or NASDAQ would do.

151
00:09:04,880 --> 00:09:09,679
Speaker 3: The platforms often are co mingling and trading against you

152
00:09:09,760 --> 00:09:13,840
Speaker 3: and have market makers that are on the other side

153
00:09:13,840 --> 00:09:16,800
Speaker 3: of your trades, and we don't allow that in the

154
00:09:16,840 --> 00:09:21,800
Speaker 3: rest of our securities markets and the securities laws are

155
00:09:21,840 --> 00:09:22,839
Speaker 3: there to protect you.

156
00:09:23,480 --> 00:09:24,960
Speaker 2: And that's right now.

157
00:09:26,000 --> 00:09:29,960
Speaker 3: This is a field rife with fraud, rife with hucksters,

158
00:09:31,200 --> 00:09:33,800
Speaker 3: and they're good faith actors as well, but there are

159
00:09:34,080 --> 00:09:35,520
Speaker 3: far too many that aren't.

160
00:09:36,280 --> 00:09:40,200
Speaker 4: And of course you've brought cases against crypto exchanges on

161
00:09:40,240 --> 00:09:43,360
Speaker 4: this point. But do you need to change tactic? Does

162
00:09:43,360 --> 00:09:46,840
Speaker 4: it change anything for those cases. Again this XRP ruling.

163
00:09:48,320 --> 00:09:52,400
Speaker 3: Again, I'm not going to go into any one of ruling,

164
00:09:53,000 --> 00:09:55,840
Speaker 3: but I think that the securities laws are clear, and

165
00:09:55,880 --> 00:10:01,280
Speaker 3: if you're if the public is investing in your project

166
00:10:01,360 --> 00:10:07,199
Speaker 3: because they're anticipating profits based upon the efforts of that project,

167
00:10:07,280 --> 00:10:12,520
Speaker 3: or there's entrepreneurs Congress painted with a broad brush, and

168
00:10:13,679 --> 00:10:15,719
Speaker 3: I would ask you this, It's like when you look

169
00:10:15,760 --> 00:10:18,280
Speaker 3: at a token, you can find a website, you can

170
00:10:18,320 --> 00:10:21,960
Speaker 3: find a CEO, you can find a Twitter or x feed,

171
00:10:22,080 --> 00:10:27,800
Speaker 3: whatever it's called these days, and there are entrepreneurs behind

172
00:10:27,840 --> 00:10:31,480
Speaker 3: many of these projects. Without again prejudging any one of them.

173
00:10:32,200 --> 00:10:34,319
Speaker 1: Elsewhere in the crypto space, I'd like to discuss a

174
00:10:34,360 --> 00:10:38,240
Speaker 1: spot ETF because we have seen a wave of filings

175
00:10:37,920 --> 00:10:41,760
Speaker 1: recently from Blackrock and others trying to finally achieve this

176
00:10:41,840 --> 00:10:44,000
Speaker 1: one has never been approved in the US, just a

177
00:10:44,040 --> 00:10:47,360
Speaker 1: futures ETF. It seems like everyone thinks there has been

178
00:10:47,520 --> 00:10:50,480
Speaker 1: a tone shift, that something is different this time around.

179
00:10:50,520 --> 00:10:52,760
Speaker 1: What do you make of that wave of recent filings?

180
00:10:52,760 --> 00:10:54,360
Speaker 1: Has anything actually changed for the.

181
00:10:54,240 --> 00:10:58,080
Speaker 3: Sec Kayleye, You probably won't surprise you. Those filings do

182
00:10:58,200 --> 00:11:00,440
Speaker 3: ultimately come up to a five member commits, so I

183
00:11:00,440 --> 00:11:04,880
Speaker 3: can't prejudge any filing. But back to your colleague, as

184
00:11:04,880 --> 00:11:10,160
Speaker 3: I said, this is a field, that there's a lot

185
00:11:10,480 --> 00:11:17,520
Speaker 3: of non compliance in this field, and that the platforms

186
00:11:17,600 --> 00:11:25,199
Speaker 3: themselves where trading is occurring of various cryptotokens. Though some

187
00:11:25,280 --> 00:11:29,840
Speaker 3: of it comes under the securities laws, currently, they're not

188
00:11:30,200 --> 00:11:34,800
Speaker 3: necessarily compliant with those time test of protections against fraud manipulation.

189
00:11:35,400 --> 00:11:38,000
Speaker 1: Okay, on the subject of securities laws, which obviously is

190
00:11:38,040 --> 00:11:39,000
Speaker 1: your purview.

191
00:11:38,640 --> 00:11:39,440
Speaker 4: At the SEC.

192
00:11:39,720 --> 00:11:44,080
Speaker 1: Just yesterday House Financial Services Committee passed through committee legislation

193
00:11:44,200 --> 00:11:47,000
Speaker 1: on crypto market structure that would actually give more authority

194
00:11:47,000 --> 00:11:50,319
Speaker 1: in regulating this space to the CFTC still has a

195
00:11:50,360 --> 00:11:51,880
Speaker 1: long way to go if it were to become law.

196
00:11:51,920 --> 00:11:53,800
Speaker 1: But what is your thought on that legislation.

197
00:11:55,160 --> 00:11:55,800
Speaker 2: I serve.

198
00:11:57,160 --> 00:11:59,439
Speaker 3: Share my thoughts directly with members on the way I

199
00:11:59,520 --> 00:12:02,760
Speaker 3: told them. I understand your question, Kayley, but I think

200
00:12:02,800 --> 00:12:05,040
Speaker 3: that those members on the Hill would appreciate if I

201
00:12:05,080 --> 00:12:08,240
Speaker 3: continue to share my thoughts directly with them.

202
00:12:09,160 --> 00:12:12,600
Speaker 4: Not too dissimilar, mister Tara, I wonder if there's some

203
00:12:12,720 --> 00:12:16,320
Speaker 4: degree that you would want a wider scope when it

204
00:12:16,360 --> 00:12:19,160
Speaker 4: comes handing down fines to bad actors. Do you think

205
00:12:19,160 --> 00:12:21,760
Speaker 4: it would be helpful to have higher finds again in

206
00:12:21,840 --> 00:12:24,120
Speaker 4: order to discourage certain behaviors.

207
00:12:26,280 --> 00:12:29,000
Speaker 3: I would say this, we have good tools at the

208
00:12:29,040 --> 00:12:34,439
Speaker 3: SEC around not just penalties, but also what's called disgorgement,

209
00:12:35,320 --> 00:12:39,200
Speaker 3: to give back ill gotten gains and so forth. But

210
00:12:39,520 --> 00:12:44,840
Speaker 3: if you're asking whether we could use more authorities, I

211
00:12:44,880 --> 00:12:48,040
Speaker 3: would say, we need more cops on the beat, we

212
00:12:48,080 --> 00:12:51,600
Speaker 3: need more resources. Our agency is just the size we

213
00:12:51,600 --> 00:12:52,880
Speaker 3: were in twenty sixteen.

214
00:12:53,440 --> 00:12:55,439
Speaker 2: We actually shrank, we've.

215
00:12:55,320 --> 00:12:58,360
Speaker 3: Kind of come back, and yet the markets have grown

216
00:12:58,480 --> 00:13:01,079
Speaker 3: so significantly in those seven years.

217
00:13:02,080 --> 00:13:04,120
Speaker 1: And finally, as you say you need more resources, I

218
00:13:04,120 --> 00:13:06,680
Speaker 1: wonder how you feel about the ability of you to

219
00:13:06,720 --> 00:13:09,080
Speaker 1: get those things from this Congress, in particular, when you

220
00:13:09,120 --> 00:13:11,280
Speaker 1: have certain members of Congress who have said things like

221
00:13:11,400 --> 00:13:16,840
Speaker 1: introducing legislation to remove you as chair, referring to tyrannical chairmen,

222
00:13:17,000 --> 00:13:19,719
Speaker 1: including the current one. Does that mean it more difficult

223
00:13:20,000 --> 00:13:22,040
Speaker 1: to do your job when there's that kind of political

224
00:13:22,360 --> 00:13:25,240
Speaker 1: rhetoric out there in your efforts to protect investors.

225
00:13:26,480 --> 00:13:31,440
Speaker 3: We work closely with Congress and individual members, and I

226
00:13:31,480 --> 00:13:35,040
Speaker 3: look forward to those public debates. I think that we're

227
00:13:35,080 --> 00:13:40,440
Speaker 3: really an important agency. The capital markets really wouldn't work

228
00:13:40,480 --> 00:13:44,560
Speaker 3: without cops on the beat and rules of the road.

229
00:13:44,640 --> 00:13:49,199
Speaker 3: Just think, if you're watching soccer matches, if there were

230
00:13:49,240 --> 00:13:51,880
Speaker 3: no refs on the field, what would that soccer match

231
00:13:51,920 --> 00:13:54,760
Speaker 3: look like. It would look first more like rugby, and

232
00:13:54,760 --> 00:13:57,160
Speaker 3: then after a while it would really look worse and

233
00:13:57,320 --> 00:14:02,360
Speaker 3: fans wouldn't come to the field anymore. Yeah, well most yea.

234
00:14:02,559 --> 00:14:07,360
Speaker 3: So I really do think that it's important to have

235
00:14:08,480 --> 00:14:12,160
Speaker 3: this agency and we're part of of these well regulated markets.

236
00:14:12,280 --> 00:14:13,840
Speaker 1: All Right, we have to leave it there. Thank you

237
00:14:13,920 --> 00:14:17,040
Speaker 1: so much for your time today. SEC chair Gary Ginzler

238
00:14:17,160 --> 00:14:19,680
Speaker 1: joining us on both Bloomberg Television and radio