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CoinDesk Consensus

SEC Chairman Gary Gensler, at a public hearing on March 12, 2018, asked U.S. lawmakers for more resources to increase the SEC’s staff numbers. March 29th.

Gensler attended the US House Appropriations Subcommittee on Financial Services and General Government. There, he discussed the U.S. Securities and Exchange Commission’s (SEC) budget request for his fiscal year 2024.

SEC needs staff to oversee crypto industry

Gensler discussed several issues, but specifically mentioned cryptocurrencies as one of the legitimate reasons for increasing headcount. said he has seen it, and that his institution must grow with the industry.

Gensler said the SEC’s executive branch must address innovations in the crypto sector and other areas that have led to fraud. It aims to address this issue by acquiring “knowledge, and resources.”

Gensler also said he plans to expand the SEC’s review arm. Gensler said the growth will help combat risks around crypto, cybersecurity and “the resilience of critical market infrastructures.”

Overall, Gensler requested the SEC to receive resources to increase its staff from 4,685 to 5,139. This does not necessarily represent the actual number of SEC staff, but rather the number of full-time equivalents (FTEs) working for the agency.

SEC Aggressively Regulates Cryptos

Gensler has recently become known for its aggressive regulatory stance. While the SEC has taken action against fraudulent projects, regulators have also targeted reputable cryptocurrency companies such as Coinbase and Kraken under Gensler’s leadership.

The SEC has also attempted to expand its rules on asset management and cryptocurrency staking.According to Gensler’s statement, most cryptocurrencies other than Bitcoin can be considered securities.

More funding to the SEC will undoubtedly enable more regulatory action.

Posted In: United States, Regulation

By Jules

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