SEC Chair requests more resources to oversee crypto and tech at House Subcommittee meeting

The United States Securities and Exchange Commission (SEC) chairman Gary Gensler requests $2.4 billion from Congress to improve the agency’s assault on cryptocurrency misconduct.

Wednesday, Gensler testified before the Subcommittee on Financial Services and General Government regarding the agency’s budget request for the 2024 fiscal year. This is Gensler’s first explicit public statement since the recent enforcement actions against cryptocurrency firms.

According to Gensler, The increase in funding will enable the SEC to employ more personnel and empower them with more advanced technology to monitor the swiftly expanding cryptocurrency market.

The U.S. Securities and Exchange Commission (SEC) has increasingly regulated cryptocurrency activities recently. According to Gensler, the SEC requires additional resources to ensure the market remains fair and transparent with the rise of decentralized finance (DeFi) platforms and non-fungible tokens (NFTs).

If Congress authorizes the funding request, the SEC is anticipated to establish a new division concentrating solely on digital assets, emphasizing the DeFi and NFT markets.

The House Financial Services Committee’s first oversight meeting with the SEC will feature Gensler on April 18, according to HFSC head Patrick McHenry. McHenry suggested the committee would inquire about the SEC’s rule-making process and its treatment of digital assets.

Also Read: Congress Examines SEC Chair Gensler’s Crypto Policy Decisions