SEC Chair Gary Gensler Wants to Increase Agency Enforcement Budget to Protect Crypto Investors
SEC chief Gary Gensler says agency is understaffed to properly protect cryptocurrency investors
US Securities and Exchange Chairman Gary Gensler has asked Congress to increase the agency’s budget by 8% to pursue his cryptocurrency regulation and enforcement agenda.
Gensler made his request at a congressional hearing earlier today.
He has emphasized that the agency needs employees to properly monitor the cryptocurrency sector.
The regulatory watchdog is targeting a budget of $2.15 billion for the fiscal year ending June 30, 2023, which is $240 million more than in 2022.
The SEC chief also urged cryptocurrency exchanges to register with the agency.
Unsurprisingly, during his congressional statement, Gensler also brought up the implosion of the Terra project to underscore the fact that the public is not protected.
It’s worth noting that the SEC has already sued Terraform Labs for synthetic securities. Do Kwon, the controversial co-founder of the troubled project, rose to fame with subpoenas at a popular cryptocurrency conference in October, resulting in a backlash within the industry.
This month, Kwon came under fire for his mishandling of the Terra collapse, which impoverished a large number of LUNA and UST holders.
As reported by U.Today, Gensler said the stablecoin “could be securities” at another congressional hearing that took place in May.
Gensler’s request to increase funding has already drawn some criticism. Congressman Tom Emmer beat him for putting all of the SEC’s money into crypto crackdowns.