Gensler Says SEC Is Mulling Rules On Gamelike Trading Apps

Law360 (May 5, 2021, 9:09 PM EDT) -- U.S. Securities and Exchange Commission Chairman Gary Gensler on Thursday will tell Congress that regulators are considering whether new rules are needed to police gamelike apps that encourage frequent stock trading and if more disclosures are needed around short selling.

According to prepared remarks released on Wednesday, Gensler also plans to tell lawmakers that the SEC is exploring whether a few intermediaries exert too much power over retail trading volume and that the agency is probing whether the meltdown of Archegos Capital Management justifies new disclosure requirements regarding certain derivative products.

Gensler is scheduled to testify Thursday before the House Financial...

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