GameStop, Bitcoin dominate Biden’s SEC pick Gary Gensler’s confirmation hearing
Biden's SEC pick will inherit the GameStop frenzy
Sources tell FOX Business' Charlie Gasparino that Gary Gensler is likely to look at Robinhood's business model and its use of 'behavioral prompts' in luring investors.
Lawmakers grilled President Biden's pick to head the Securities and Exchange Commission Gary Gensler on Tuesday and he took the tough questions in stride.
His confirmation hearing comes at a precarious time for U.S. financial markets which are seeing a robust uptick in retail traders. These small investors are behind some of the recent swings tied to heavily shorted stocks, such as GameStop and AMC.
SEC SUSPENDS TRADING IN SELECT OTC NAMES
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| GME | GAMESTOP CORP. | 23.08 | +0.08 | +0.36% |
| AMC | AMC ENTERTAINMENT | 4.58 | +0.20 | +4.45% |
Gensler, who previously led the Commodities Futures Trading Commission with an iron hand, talked about bitcoin, the role of technology in the financial markets and hinted at a possible review of how 'payment for order flow' works amid the ongoing fallout from the Robinhood trading halt in January.
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