Gary Gensler: “I think what you have described is a hedge, so--and I think that is my answer.”

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

That is because--and with all respect, that is because they are choosing to try to not comply with U.S. law.

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.

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.