October 29, 2024 Newswires

SEC Chair Gary Gensler Advocates for Innovation at Money20/20 USA Fireside Chat

Business Wire

LAS VEGAS--(BUSINESS WIRE)--
Money20/20, the world’s leading fintech show, and the place where money does business hosted a virtual keynote session with Gary Gensler, Chair of the U.S. Securities and Exchange Commission (SEC) yesterday in a fireside chat at Money20/20’s US show in Las Vegas. Moderated by Axios Senior Business Reporter Hope King, the conversation explored SEC policies and the impact on both traditional investments and digital finance, providing the audience with insights into the Commission's regulatory approach during this period of accelerating financial innovation.

Chair Gensler positioned the agency as an advocate for investors by supporting innovation with appropriate oversight, particularly emphasizing the need for transparency and truthfulness around the use of AI.

“Policy making is necessary because technology is changing so rapidly. That's what Money20/20 is about,” explained Gary Gensler. “I know you’re talking about open banking and artificial intelligence. This is changing the way that people invest, how money moves around the globe, how information moves around the globe, and ultimately, the human existence itself, as we automate that which is in our brain through artificial intelligence. As markets technology and information change, it's critical that our rules also change for the highways of finance.”

Chair Gensler also addressed lessons learned during his leadership of the SEC, reaffirming the agency’s stance on cryptocurrencies and explaining the SEC's regulator role as financial technology continues to reshape markets and create new opportunities and challenges for investors. Highlighting the agency’s perspective on America's outsized role in global finance, he noted that while the U.S. represents just 22-23% of the world's economy, it accounts for 40-50% of global capital markets—a position of strength he cautioned must not be taken for granted as other nations seek to challenge U.S. market leadership.

"Money20/20 highlights the crucial role of ongoing dialogue on policy and regulation in this election year. We welcome Chair Gensler’s perspective, whose insights on the regulatory landscape provided an additional perspective to our industry as his session continued to address critical questions on investor protection and market integrity in rapidly advancing financial markets,” said Scarlett Sieber, Chief Strategy and Growth Officer at Money20/20.

Gary Gensler has served as Chair of the U.S. SEC since April 17, 2021. He was formerly chair of the U.S. Commodity Futures Trading Commission, leading the Obama Administration’s reform of the $400 trillion swaps market. He was also senior advisor to U.S. Senator Paul Sarbanes in writing the Sarbanes-Oxley Act, and was undersecretary of the Treasury for Domestic Finance and assistant secretary of the Treasury from 1997-2001.

The agenda for the remainder of Money20/20, including sessions focused on key regulatory and compliance trends, can be found here.

About Money20/20

Launched by industry insiders in 2012, Money20/20 has rapidly become the heartbeat of the global fintech ecosystem. Over the last decade, the most innovative, fast-moving ideas and companies have driven their growth on our platform. Mastercard, Airwallex, J.P. Morgan, SHIELD, GCash, Stripe, Google, VISA, Adyen, and more make transformational deals and raise their global profile with us. Money20/20 attracts leaders from the world’s greatest banks, payments companies, VC firms, regulators, and media platforms: convening to cut industry-shaping deals, build world-changing partnerships, and unlock future-defining opportunities in Las Vegas (October 27-30, 2024), Bangkok (April 22-24, 2025), and Amsterdam (June 3-5, 2025). Money20/20 also recently launched Twentyfold, a Digital Intelligence product containing the deepest and widest repository of fintech startup data in the world. Money20/20 is where the world’s fintech leaders convene to grow their brands. Money20/20 is part of Ascential plc.