Reddit

Gary

In March 2024, the U.S. SEC&nbsp;asked Congress to appropriate an additional $158 million in federal funds.
According to <a href="https://www.sec.gov/files/fy-2025-congressional-budget-justification.pdf" target="_blank" rel="noopener noreferrer nofollow">Congressional Budget Justification</a>, the funds will solve several issues, including cryptocurrency market regulation. The regulator plans to use part of the funds to find new employees and help fund lawsuits the agency faces.
<a href="https://crypto.news/tag/sec/" target="_blank" rel="noopener noreferrer nofollow">SEC</a> Chairman Gary Gensler called the crypto industry the “wild west.”
<blockquote class="wp-block-quote">
 “There has been a dynamic change in communications to and among investors, from Reddit forums to celebrity influencers. Further, we’ve seen the Wild West of the crypto markets, rife with noncompliance, where investors have put hard-earned assets at risk in a highly speculative asset class.” <cite>Gary Gensler, SEC Chairman</cite>
</blockquote>
You might also like: <a href="https://crypto.news/congressman-calls-for-gary-gensler-removal-sec-accountability-in-2024/" rel="noopener noreferrer nofollow"> Congressman calls for Gary Gensler removal, SEC accountability in 2024 </a>
The <a href="https://crypto.news/tag/sec/" target="_blank" rel="noopener noreferrer nofollow">SEC</a>‘s total budget for 2024 is $2.4 billion. For its further activities in 2025, the regulator requested $2.5 billion. According to Gensler, these changes have significantly increased the likelihood of committing offenses. The chairman compared the SEC to a police officer who must be able to stand up to an opponent.
The agency plans also to expand its workforce to 5,473 employees this year. The regulator’s examination department intends to create an additional 23 positions to strengthen its ability to manage critical risks associated with crypto assets and new financial technologies.
Over his tenure as SEC Chairman, Gensler has emphasized the need to regulate cryptocurrencies, focusing on illegal activities with cryptocurrencies. In addition, he pointed out the volatility of this asset class and the danger it poses to investors.
Gensler <a href="https://crypto.news/sec-chair-gary-gensler-criticizes-bitcoin-calls-out-its-role-in-ransomware/" target="_blank" rel="noopener noreferrer nofollow">complained</a> last month that Bitcoin (<a href="https://crypto.news/price/bitcoin/" target="_blank" rel="noopener noreferrer nofollow">BTC</a>) has the largest share of the ransomware market. Despite the agency approving 11 spot Bitcoin <a href="https://crypto.news/tag/etf/" target="_blank" rel="noopener noreferrer nofollow">ETFs</a>, Gensler continues to hold a negative attitude towards BTC.
You might also like: <a href="https://crypto.news/gensler-ethereum-criticize-post-bitcoin-etf-approval/" rel="noopener noreferrer nofollow"> Gensler speculates on Ethereum post-Bitcoin ETF approval </a>

SEC to seek additional $158m for ‘wild west of crypto markets’

crypto.news

Other articles published on Mar 19, 2024

1inch integrates Lumia to provide more liquidity, better pricing

This Whale Just Sold Injective (INJ) After It Hit All-Time High in 2024, Invested in 3 Presale Pr...

Chinese State Broadcaster Premieres First AI-Developed Animated Series

Over $2.6M Stolen In Phishing Scam Involving Top Crypto Trader

Book Of Meme Price Prediction: BOME Plunges 41% As Meme Coin Mania Stalls, Yet This New DOGE ICO ...

Artificial Intelligence Gains Momentum in Global Investments and Technology

Join our free newsletter for daily crypto updates!