President Biden’s nominee to lead the Securities and Exchange Commission, Gary Gensler, told the Senate Banking Committee today he believes investors should not be bound by mandatory arbitration clauses but should be able to take broker-dealers and investment professionals to court to settle disputes.

Gensler brought $1.7 billion in enforcement actions against Wall Street after the 2008-2009 market meltdown when he was as head of the Commodity Futures Trading Commission. He is widely expected to be confirmed as SEC chairman in the coming weeks in a full Senate vote, despite GOP concerns regarding his potential heavy hand when regulating Wall Street and financial advisors. Rohit Chopra, Biden’s nominee to helm the CFPB, was also questioned by the panel and is expected to be confirmed.

Sen. Elizabeth Warren (D-MA) asked Gensler if he thought it was fair that investors who believe they’re defrauded be bound solely by broker-dealers’ mandatory arbitration clauses when seeking to obtain relief.

“If someone’s been cheated by a broker-dealer, hypothetically for example. [Or] if Robinhood cheated individual investors, hypothetically, should that company be able to use forced arbitration clauses to avoid getting sued and held accountable?” Warren asked.

“While arbitration has its place, I think it’s so important investors, or in that case customers, have an avenue to redress their claims in the courts,” Gensler replied.

Lawmakers also asked Gensler critical questions regarding his opinions on forced arbitration, payment for order flow, the regulation of digital assets and the topic du jour—the gamification of stock trading and payment for order flow in the wake of Robinhood’s stoppage of trading in GameStop and other stocks.

When pressed by Senate Banking chairman Sherrod Brown (D-OH) over how he wants to regulate no-cost trading, as well as bitcoin and other digital assets, Gensler said if confirmed he plans to remain “technology neutral” while preserving capital formation and investor protection.

“With bitcoin, if it’s a commodity, it’s either for the Commodities Futures Trading Commission to regulate or Congress to determine . . . I think technology and markets constantly change and evolve and that it’s important for the SEC to provide guidance and clarity,” said Gensler, who noted that custody of funds with regard to digital assets is one area needing greater guidance.

Ranking member Sen. Patrick Toomey (R-PA) said that while the SEC has historically administered federal securities laws on a bipartisan basis, he expressed concern that some people want the SEC to use its regulatory powers to advance a liberal social and cultural agenda on issues ranging from climate change to racial equality. He commented that Gensler “had a history of pushing the legal bounds” during his time at the CFTC.

“Based on Mr. Gensler’s record, I’m concerned that he may be inclined to use the SEC in this inappropriate manner,” Toomey said. “But securities laws are not the appropriate vehicle to regulate the climate nor to correct racial injustice nor to intimidate companies regarding political spending. We have environmental, civil rights and political spending laws to do that.”

Toomey asked Gensler if he thought Nasdaq’s rule proposal to require boards of directors to diversify was a good idea.

“I do think that diversity on boards and diversity in senior leadership benefits decision making and it’s something I’m committed to at the SEC and the leadership there,” Gensler said. “I think it’s a positive step forward in leadership at the SEC.”