SEC Chair Gensler Requests Additional $109 Million in Funding to Tame the “Wild West” of Crypto
Coincident with the recent rise in volatility in the cryptocurrency market, Gary Gensler, the controversial chair of the US Securities and Exchange Commission raised the alarm.
Gensler took the unprecedented step of addressing a group of senators, pleading for an additional $109 million for his agency’s enforcement budget in an effort to tame the wild nature of these digital financial landscapes.
If approved by lawmakers, this proposal would increase the SEC’s enforcement budget to an unprecedented $1.4 billion, demonstrating the agency’s unwavering dedication to preventing fraud and protecting the public from the complexity of the cryptocurrency market.
His request for further financing isn’t just a formality; it’s a plea for the tools to bring clarity and stability to a situation that’s now out of control.
In a speech delivered on July 19 before the US Senate Appropriations Committee’s Subcommittee on Financial Services and General Government, Gensler underlined the dynamic transformation of markets in recent years and emphasised the SEC’s essential role in protecting consumers.
Without wasting any time, Gensler brought attention to the most critical issues in the cryptocurrency market, calling it the “Wild West” because of the widespread noncompliance and highly speculative nature of the asset class.
He recognised the importance of the committee’s backing in providing the resources needed to successfully handle growing issues, such as the need to adapt to the ever-changing world of technology and the existence of malicious actors.
Gensler argued strongly that the SEC needs sufficient resources to maintain market integrity and safeguard investors. He acknowledged the evolution of financial markets and asked for the committee’s approval to increase the agency’s ability to monitor the quickly developing cryptocurrency sector.