• Gary Gensler, the Chairperson of the U.S. Securities and Exchange Commission (SEC), has demanded extra funds to support his regulatory crusade against cryptocurrencies.
• Gensler believes that the agency needs a budget of $2.4 billion to effectively tackle misconduct in the crypto space and address the rapid technological innovation in financial markets.
• The SEC’s Division of Enforcement and Examinations had received over 35,000 tips, complaints, and referrals from whistleblowers in the crypto industry last year alone, leading to 750 separate actions resulting in $6.4 billion in penalties and fines.
Chairperson Demands More Funds
The Chairperson of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, is demanding more funds to support his regulatory crusade against cryptocurrencies. On a March 29 testimony to the House Financial Services Subcommittee for SEC’s fiscal year 2024, chief Gary Gensler demanded more financial support to keep up with the technological advances of the crypto sector – requesting a budget amount of $2.4 billion which was first proposed by President Joe Biden for fiscal year 2024.
Division Spread Thin
Gensler claims that due to its current funds being spread thin, this agency requires funding in order manage complexity introduced by crypto companies as well as address misconduct within this space – reporting that their division of enforcement and examinations had received over 35,000 separate tips, complaints and referrals from whistleblowers last year alone leading them towards taking action on 750 different cases which ended up bringing in $6.4 billion dollars worth of penalties and fines; 30 out these 750 being related to cryptocurrency resulting into a 36% increase compared to 22 actions taken back in 2021.
Accused Of Extra-Judicial Action
The SEC has been accused of being extra-judicial when it comes to cryptocurrency – with Gensler at this hearing depicting this industry as an unruly one full bad actors whose sole aim is tricking money out honest Americans citizens pockets while also showcasing their own agency as lone “cop on beat” working against such big bads – stating “Further we’ve seen Wild West crypto markets rife with noncompliance where investors have put hard earned assets at risk highly speculative asset class”
Gensler’s statements portray a clear agenda for his appeal for funds – indicating that he wants extra support from governing bodies so he can continue his crusade against any form illegal activity done via cryptocurrency or blockchain technology as whole – painting it as something negative requiring much attention from law enforcement agencies around world instead something positive that can be used bring revolutionary changes within our current financial system.
To conclude, although there have been some misuse cases revolving around cryptocurrency or blockchain technologies; their potential still stands strong despite all odds while having capability disrupt many industries across globe positively making them more efficient than ever before; however if this potential is going be achieved then proper regulations need be set place so such misuse cases can prevented whenever possible while also allowing room experimentation innovation within such an ever growing field – something that SEC under leadership Gary Genseel appears trying achieve through his regulatory crusade