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GAO-24-107293 1 (2024-05-23)

handle is hein.gao/gaoqeb0001 and id is 1 raw text is: GAOA U.S. GOVERNMENT ACCOUNTABILITY OFFICE 441 G St. N.W. Comptroller General Washington, DC 20548 of the United States May 23, 2024 The Honorable Gary Gensler Chair, Securities and Exchange Commission 100 F Street, N.E. Washington, D.C. 20549 Priority Open Recommendations: Securities and Exchange Commission Dear Chair Gensler: The purpose of this letter is to provide an update on the overall status of the Securities and Exchange Commission's (SEC) implementation of GAO's recommendations and to call your continued personal attention to areas where open recommendations should be given high priority.1 In November 2023, we reported that on a government-wide basis, 75 percent of our recommendations made 4 years ago were implemented.2 SEC's recommendation implementation rate was 100 percent for recommendations made 4 years ago.3 As of May 2024, SEC had four open recommendations. Fully implementing these open recommendations could significantly improve SEC's ability to protect investors. In our August 2023 letter, we noted that one of the open recommendations was a priority recommendation. Since that time, SEC has not implemented that recommendation. We are not adding any new priority recommendations this year. We ask for your continued attention to the one remaining open priority recommendation, which is related to the oversight of blockchain technology. Blockchain technology. Volatility, bankruptcies, and instances of fraud in the crypto-asset markets illustrate the harm consumers and investors may face without adequate protections. In June 2023, we recommended that SEC and the other federal financial regulators jointly establish or adapt an existing formal coordination mechanism to identify and address risks posed by blockchain-related products and services. SEC neither agreed nor disagreed with the recommendation. In April 2024, SEC indicated it has taken a step to address the 1Priority recommendations are those that GAO believes warrant priority attention from heads of key departments or agencies. They are highlighted because, upon implementation, they may significantly improve government operations, for example, by realizing large dollar savings; eliminating mismanagement, fraud, and abuse; or making progress toward addressing a high-risk or duplication issue. 2GAO, Performance and Accountability Report: Fiscal Year 2023, GAO-24-900483 (Washington, D.C.: Nov. 15, 2023). 3The implementation rates identified in our 2021, 2022, and 2023 priority recommendation letters were 89 percent, 95 percent, and 96 percent respectively. GAO, Priority Open Recommendation: Securities and Exchange Commission, GAO-21-504PR (Washington, D.C.: May 4, 2021). GAO, Priority Open Recommendations: Securities and Exchange Commission, GAO-22-105604 (Washington, D.C.: June 17, 2022). GAO, Priority Open Recommendations: Securities and Exchange Commission, GAO-23-106419 (Washington, D.C.: Aug. 1, 2023). GAO-24-107293 SEC Priority Recommendations Page 1

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