The latest statements by SEC Chairman Gary Gensler indicate that crypto players are facing tough times. In his statements before the committee, he demanded that “new tools, expertise and resources” be provided for regulations.
Gary Gensler requests more resources for cryptocurrency regulation
Gary Gensler hinted that tough times are imminent for crypto players. In his statements before the Financial Services and General Government Appropriations Subcommittee, he demanded additional infrastructure, noting that new tools, expertise and resources are needed to combat abuse:
We’ve seen the Wild West of the crypto markets, full of dissonance, where investors risk hard-earned assets in a highly speculative asset class.
Gensler was speaking on the SEC’s Fiscal Year 2024 budget request. In the headline of the budget, he included the following in part of his explanations:
I am pleased to support the President’s request for the SEC of $2,436 billion for Fiscal Year 2024 to set us on a better path for the future. Fiscal year 2024 request seeks funding for 170 additional positions and full-year funding for staff hired in fiscal 2023.
Gary Gensler wants to fix missing editor with new tools
Following his budget remarks, Gensler said that the crypto market is like the “Wild West” where investors are risking their hard-earned assets in a highly speculated asset class. The SEC Chair has used this phrase over the past year to point out that necessary regulations have been lacking. In his recent statements, he said that there are still many mismatches regarding cryptocurrencies. According to Gensler, rapid technological innovation in the financial market has paved the way for abuses in new areas outside the crypto arena.
SEC expands capacity
Accordingly, the SEC suggested that the ideal solution would be capacity building, which means introducing “new tools, expertise, and resources.” Gensler also noted that some of these infrastructures will be additional staff to assist the agency’s Executive Division:
With greater capacity to meet these challenges, investigate fraud at a larger scale and accelerate the pace of remedial sanctions investigations.
Gensler announced that the SEC received more than 35,000 notices and complaints in fiscal 2022. Despite limited resources, the SEC’s Enforcement Division was able to file more than 750 enforcement actions in Fiscal Year 2022. In particular, this was a 9% increase over the previous fiscal year. “Our actions have resulted in $6.4 billion in fines and liquidation orders,” Gensler said.
US regulator seeks stricter cryptocurrency regulations
The Gensler-led SEC has stepped up its crackdown on the crypto market, with the latest action being a “Wells notice” sent to Coinbase calling the US-based exchange for potential violations of securities law. As Kriptokoin.com, we have included the details in this article.
The regulator also went after Tron founder Justin Sun on charges of market manipulation and offering unregistered securities. Others caught on the SEC’s target include crypto exchange Kraken and BUSD stablecoin issuer Paxos. Meanwhile, Gensler argues that every cryptocurrency other than Bitcoin is a security.
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