SEC Chairman Requests $72 Million in Funding to Protect Investors from Crypto Noncompliance
During a hearing at the U.S. Senate Committee on Appropriations, Securities and Exchange Commission (SEC) Chairman Gary Gensler asked lawmakers for an additional $72 million in funding to expand the agency’s capabilities and protect investors from the “Wild West” of the crypto markets, which he described as “rife with noncompliance.” Gensler emphasized the need for funding to support the SEC’s mission and ensure it can effectively advocate for investors and issuers.
Key Points:
- SEC Chairman Gary Gensler requested $72 million in extra funding at the U.S. Senate Committee on Appropriations.
- The funding would be used to expand the SEC’s capabilities and protect investors from noncompliance in the crypto industry.
- The SEC plans to add dozens of full-time staff members and increase its total full-time equivalent to 5,139 employees.
- Gensler highlighted the importance of funding to support the SEC’s mission and combat fraud, manipulation, and abuse in the system.
- The bipartisan bill approved last week by the committee only provides enough funding to maintain currently authorized staffing levels.
Hot Take: By requesting additional funding, SEC Chairman Gary Gensler acknowledges the urgent need to address noncompliance and protect investors in the crypto industry. The SEC’s efforts to crack down on crypto crimes can be strengthened with the addition of more staff members and resources. This funding will enable the SEC to fulfill its mission of stamping out fraud, manipulation, and abuse, reducing risk in the system and advocating for the American public.
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