Gary Gensler: “Congress should avoid any bright-line exemption that runs the risk of creating the next regulatory loophole.”

I think that the Congress' wisdom was to have an agency to oversee disclosure-based markets where issuers are asking the public to buy and sell their securities.

The New York Stock Exchange can't actually also run a hedge fund on and trade against their customers.

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

it will be hard for us to oversee the markets