Wall Street and Crypto Industry Clash with SEC Chair Gensler over Regulation

Securities and Exchange Commission Chair Gary Gensler's proposal to partially overhaul the US trading system, including replacing payment for order flow with an auction process, is facing serious opposition from Wall Street. The proposal has generated a large volume of comment letters, with many retail investors supporting the idea. However, industry groups such as SIFMA and NYSE, Citadel, and Charles Schwab have recommended that the proposal be withdrawn entirely, citing concerns over market disruption and inadequate cost-benefit analysis. Some are already threatening litigation if the proposal goes through. The SEC will review the comments on all four proposals, which could take several months or longer.