Statement Summary
The recent town hall meeting led by the new SEC Chairman emphasized a renewed focus on the agency’s core mission: protecting investors, facilitating capital formation, and maintaining fair, efficient markets. The Chairman highlighted the need for fair regulations, particularly in the rapidly evolving area of digital assets, advocating for a clear regulatory framework to foster innovation while safeguarding investors. He acknowledged recent challenges within the SEC, including staff reductions that have left the agency with fewer resources, and committed to enhancing technological infrastructure and management practices. Reinforcing the importance of regional offices, the Chairman aims to optimize operations and strengthen regulatory effectiveness while working collaboratively with other financial regulators and Congress to support the U.S. economy.
Original Statement
Thank you very much for coming to our first “town hall” meeting together. To those of you here with me at our headquarters in Washington, it is so great to see you. And, let me add an especial welcome to you who are joining from our regional offices around the country.
I am pleased that we can meet today to discuss the SEC; our important mission on behalf of our fellow citizens, investors, and taxpayers; as well as some of my priorities as your new Chairman.
First and foremost, I take great pride in saying that it is a new day here at the SEC. We are returning to our core mission that Congress set for us. All of us can recite the familiar three-part mission enunciated by Congress in the Exchange Act: protecting investors; furthering capital formation; and safeguarding fair, orderly, and efficient markets.
Investors and Market Integrity
Investor protection is the cornerstone of our mission—to hold accountable those who lie, cheat, and steal. Capital formation is at the root of what we do. Otherwise, why have the financial markets? Capital formation—building a direct, economical route for investors’ capital to find its way to entrepreneurs and industry—creates products and services that improve lives.
We should not overlook the part about fair, orderly, and efficient markets. Congress calls on us to ensure that our regulations balance costs and benefits, and do not become too burdensome, undermining the capital formation that yields so much benefit.
Focus on Digital Assets
From 2017 until my nomination, I worked to help develop best practices for the digital assets industry and saw firsthand how ambiguous or nonexistent regulations in this space created uncertainty and inhibited innovation. That lack of regulatory framework also invites fraud.
A top priority for me will be to tackle regulatory treatment of digital assets and distributed ledger technologies, providing a firm regulatory foundation through a rational, coherent, principled approach.
Commitment to Regulatory Excellence
We will work together to protect investors from fraud, keep politics out of how our securities laws and regulations are applied, and advance clear rules of the road that encourage investment in our economy for the benefit of all Americans.
Conclusion
As I said at the outset of my remarks today, it is a new and brighter day for the SEC. I am here to work, with each of you, on behalf of American markets and investors. Thank you for all that you do each and every day to advance our mission.
If you are joining us remotely today, thank you for participating. I look forward to interacting with you in person in the near future.
For those of you here at headquarters, please join me for some refreshments right outside. Thank you.
