Gary Gensler: “the American public needs some protection and oversight, and so I think that is where we are.”

I do share your concerns that this is a field that is rife with fraud and manipulation and scams.

If I can say, breaking the law and not liking the law are different than lack of clarity.

I hope we can discuss today how undermining the SEC's mission by furloughing 90 percent of your staff will affect this country and your ability to protect our markets.

In fact, we do need to do analysis because Congress mandated it. We have to analyze the efficiency, the competition, and the effects on capital formation.