SEC Chair Gary Gensler has presented a budget request for the year 2024, calling for additional resources and expertise to tackle misconduct in the crypto space. In his prepared testimony for a Senate Appropriations Committee hearing, Gensler highlighted the need for more than $2.4 billion to address the challenges posed by the “Wild West” nature of the crypto markets, which have been plagued with noncompliance issues.
To achieve this, Gensler intends to expand the SEC’s workforce from 4,685 full-time positions in 2023 to 5,139 in 2024. He emphasized that while the SEC’s authorities are robust, additional resources would be beneficial in effectively regulating the crypto space.
The SEC’s enforcement division had already taken over 750 enforcement actions in 2022, but Gensler noted that rapid technological advancements have facilitated misconduct within the crypto industry.
In response to questions raised by Senator Dick Durbin of Illinois, Gensler expressed the SEC’s desire for an extra $70 million in funding to hire 170 more individuals, with a particular focus on enforcement efforts. The commission also faced scrutiny from lawmakers regarding its role in overseeing the bankruptcy of the crypto exchange FTX.
Gensler’s remarks came after a recent ruling in the SEC v. Ripple lawsuit, in which a federal judge opined that XRP may not necessarily be considered a security. Despite this, Gensler indicated that the SEC would continue assessing the case while his testimony suggested that his stance on regulation through enforcement might not have changed.
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