Jump to
Main Blog Hype The SEC calls for more resources

The SEC calls for more resources

Pic 1

During the U.S. Senate Committee on Appropriations meeting on July 19, Gary Gensler, the head of the Securities and Exchange Commission (SEC), asked for increased funding. He believes the SEC needs a larger budget to keep a closer eye on the often chaotic world of cryptocurrency, which he called the “Wild West”.
 

What Gensler wants

Gensler wants an extra $72 million to bolster the SEC’s staff and another $109 million specifically to strengthen the enforcement of rules and regulations. He highlighted the rise in misconduct, especially in new sectors like cryptocurrency, and argued that dealing with these problems requires extra funding for new equipment and more skilled workers.

Furthermore, Gensler has requested $393 million for technology-related expenses, intended to enhance data analysis and boost cybersecurity measures, among other aspects.

By securing this extra funding, the SEC aims to employ 170 more full-time employees, potentially increasing the SEC's staff to a total of 5,139 people.

Pic 2

Gensler has in view increasing the SEC's total budget to $5.1 billion, up from the current $4.7 billion.
 

Claims against the SEC

It should be noted that the SEC’s request for expansion comes amidst ambiguous decisions in the Ripple case. In addition, on July 19, Senior Republican representatives from the US House of Representatives criticized Gary Gensler in an open letter. Politicians French Hill and Dusty Johnson expressed their concern that the SEC's approach to cryptocurrency regulation is more about garnering publicity and making political statements rather than about effective governance.

They also asserted that the SEC’s aggressive enforcement strategy is not resulting in compliance or adequate consumer protection.

According to Hill and Johnson, implementing a statutory framework would set up a clear procedure for firms to enter the regulatory space and adhere to it, rather than just relying on enforcement actions to penalize wrongdoers after the harm has already been done.
 

Also read:

What's the deal with SEC chair Gary Gensler?

Crypto: security or commodity?

Why Ripple's win against the SEC is not the real victory

Maria Kachura
Maria Kachura

Visit her on Facebook or hit her up via Email.

0
Share this post
Similar articles
Best investment options for 2023
Markets
16 February, 2023
Best investment options for 2023
Let’s explore all the pros and cons of currencies, cryptocurrencies, stocks, real estate, and precious metals.
Cryptocurrency vs. token: what's the difference?
Learn
7 April, 2023
Cryptocurrency vs. token: what's the difference?
Let’s figure out what types of coins are there on the crypto market.
NFT NYC 2022!🌐🦄
Events
20 June, 2022
NFT NYC 2022!🌐🦄
NFT NYC 2022.
AIBC Americas 2022
Events
8 June, 2022
AIBC Americas 2022
AIBC Americas 2022.
ETH NEW YORK 2022 🌐🦄
Events
24 June, 2022
ETH NEW YORK 2022 🌐🦄
ETH NEW YORK 2022.
Blockchain Economy Istabbul Summit 2022
Events
9 June, 2022
Blockchain Economy Istabbul Summit 2022
Blockchain Economy Istanbul Summit.