Controversial US Securities and Exchange Commission Chairman Gary Gensler recently sounded the alarm in the uncharted territory of the cryptocurrency markets.
In a bold move to rein in the unbridled nature of these digital financial scenes, Gensler addressed a committee of senators, asking them to allocate an additional $109 million to his agency’s enforcement budget.
This request, if approved by Congress, would bring the SEC enforcement budget to $1.4 billion, signaling an uncompromising commitment to reduce potential breaches and protect the public from the complexities of the crypto world.
for him Call for increased funding Not just a bureaucratic gesture but a plea for resources to bring order and clarity to an otherwise chaotic landscape.
Gensler pushes for SEC resources amid challenges in the crypto market
On July 19, before the Financial Services Subcommittee and the US Senate Appropriations Committee on General Government, Gensler, in a letterHe stressed the crucial role of the Securities and Exchange Commission in protecting consumers and highlighted the dynamic development of markets in recent years.
Gensler wasted no time highlighting the pressing concerns surrounding the crypto market, describing it as a “Wild West” characterized by rampant non-compliance and serving as a highly speculative asset class.
Bitcoin is back again in the $30K territory today. Chart: TradingView.com
Recognizing the need to adapt to the ever-changing technological landscape and the presence of malicious actors, he urged support for the Commission in providing the necessary tools to effectively address these emerging challenges.
In pursuit of market integrity and investor protection, Gensler made a persuasive plea to ensure adequate resources for the SEC. Recognizing the growth and transformation of financial markets, he sought the commission’s support to effectively strengthen the agency’s ability to oversee the rapidly expanding world of crypto.
Acknowledging the sudden increase in crypto-related complaints
Gensler also noted that the enforcement department has been inundated with a large number of tips and complaints, a large portion of which relates to the crypto market. To address this sudden rise, part of the budget will be allocated to strengthening the enforcement department.
Despite facing a recent setback in the Ripple vs. SEC lawsuit, the SEC’s regulatory focus remains firmly attached to the cryptocurrency market. This strong stance has drawn criticism from some lawmakers, with Rep. Richie Torres voices his disagreement From the SEC’s handling of cryptocurrency regulation. However, the SEC appears determined to continue its efforts to enforce rules and oversee the evolving cryptocurrency landscape.
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