Cryptocurrency is rife with “swindling, scams, and violence,” argues SEC Chair Gary Gensler. Despite being well-known for its hostile attitude toward the business, the Commission on Securities and Exchanges [SEC] has played a crucial role in the field of cryptocurrency. Gary Gensler, chairman of the SEC, has argued in favor of adding $72 million to the budget in order to improve investor safety in the cryptocurrency markets. To successfully tackle noncompliance issues in the crypto business, Gensler told the Senate Committee on Commerce on Affairs that the agency needs to be expanded. Gensler used the chance to criticize the sector. He made a point of saying that it is full of “fraud, scams, and abuse.”
The SEC Chair proceeded
“Investors have put their hard-earned funds into jeopardy in an extremely speculative asset class, but we’ve witnessed the untamed frontier of the digital currency markets, riddled with noncompliance. We can be a stronger voice for the American public, including investors and issuers, if we have the funding to carry out the scope of our mission. Gensler, however, was subjected to a torrent of inquiries during the hearing over the failure of the cryptocurrency exchange. Gensler was questioned by Senator John McCain [R-La.] on why the SEC didn’t take preventive measures to cope with the alleged FTX fraud.
Gensler claims that the Securities and Exchange Commission is currently looking for more than $72.5 million to hire numerous full-time employees. The organization employed 4,685 people as of 2023. They are given assignments related to enforcement and inspection for about half of them. The SEC hopes to establish 170 posts with the requested money and offer full-year financing for personnel hired in 2023. This could bring the agency’s overall number of full-time workers to 5,140. This follows after the committee recently voted to approve an agreement between both parties to provide the SEC with $2.365 billion in fiscal year 2024. Gensler argued that, after accounting for inflation, this money would only be sufficient to maintain the permitted workforce levels in place. SEC Chair continued.
“We can be an even stronger voice with companies alike if we have the funding to carry out the scope of our mission. Removing fraud, abuse, and manipulation reduces systemic risk.
