US Securities and Exchange Commission (SEC) Chairman Gary Gensler spoke yesterday before the US House Financial Services Committee. He spoke about the dangers of the cryptocurrency sector and again called the market the “Wild West”.
US SECURITIES AND EXCHANGE COMMISSION CHAIR GARY GENSLER: AGENCY BUDGET MUST GROW ‘TO MEET THE MATCH OF BAD ACTORS’ — ADVANCE TEXT
GENSLER: CRYPTO MARKETS A ‘WILD WEST’ ‘RIFE WITH NON-COMPLIANCE’
— First Squawk (@FirstSquawk) March 29, 2023
The meeting considered the agency’s budget request for fiscal year 2024. Gensler mentioned the high pace that distinguishes technological change.
In addition, we are seeing a Wild West in the crypto market, rife with lawlessness, with investors putting their hard-earned funds at risk in a highly speculative asset class.
To effectively fight the crypto market, Gensler asked the Committee for $2.43 billion. This will help the SEC pin down those whom the chairman considers “bad players” in the digital asset industry.
Rapid technological innovation in the financial markets has led to misconduct in emerging and emerging areas, not least in the cryptocurrency space.
That is why the SEC needs more money. The budget will be used to hire 170 new employees, as well as the salaries of those hired earlier this year. By 2024, the SEC plans to expand its staff to 5,139 people. Gensler explained that the Division of Enforcement and Forensics makes up about half of the entire SEC apparatus. According to him, in 2022, the agency received more than 35,000 recommendations, complaints and appeals from whistleblowers and other responsible persons.
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