Gary Gensler, Chairman of the U.S. Securities and Exchange Commission (SEC), has requested $2.4 billion in funding to prevent abuses in the cryptocurrency industry, which he describes as the “wild west.”
Gary Gensler, in his speech to the House Appropriations Committee on March 29, said: so that regulatory agencies do not lose their power expressed a request for additional financing. Gensler stated that technological innovation in financial markets leads to unpredictable abuses, especially in the crypto money ecosystem. “wild west” government to take control of this sector, which he describes as 2.4 billion dollars He stated that he wanted to allocate funds.
Rapid technological innovation in financial markets has led to abuses in new and emerging areas, especially in the cryptocurrency sector. Addressing this requires new tools, expertise and resources.
Gensler for the first time reported staff levels of the previous year’s budget increase. 2016Stating that it allows it to exceed the one in , he emphasized that the regulatory agency is still weaker. on the other hand $2.4 billion A significant portion of the funding will work in the SEC’s enforcement and review divisions. Recruitment of 170 additional staff stated that it will be spent.
In the entire financial market in 2022 750 Explaining that more than one penal sanction was imposed, Gensler said that 30 He underlined that one of them is related to the crypto sector. Gensler compared to data in 2021 36% increase in sanctions in the cryptocurrency market He added that it meant