{"id":81969,"date":"2023-07-20T15:53:16","date_gmt":"2023-07-20T12:53:16","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=81969"},"modified":"2025-09-12T02:15:55","modified_gmt":"2025-09-11T23:15:55","slug":"sec-chief-seeks-109-million-to-bolster-investor-protections-in-the-crypto-market","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/sec-chief-seeks-109-million-to-bolster-investor-protections-in-the-crypto-market\/","title":{"rendered":"SEC chief seeks $109 million to bolster investor protections in the crypto market"},"content":{"rendered":"

SEC<\/span> is seeking<\/a> additional funding of $109 million to bolster enforcement capabilities in the digital asset market. This was announced at congressional hearings by Gary Gensler, the agency head.<\/p>\n

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According to the official, the cryptocurrency industry is ‘rife with examples of non-compliance’.<\/p>\n

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\\”We\u2019ve seen the Wild West [\u2026], where investors put their hard-earned funds at risk in a highly speculative asset class,\\”<\/em> said Gensler.<\/p>\n

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The head of the SEC explained that the additional resources would bolster the Commission’s role as \u201cprotector of the public interest \u2014 both investors and issuers.\u201d<\/p>\n

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\\”Rooting out fraud, manipulation and abuse reduces risks in the system,\\”<\/em> \u2014 he added.<\/em><\/p>\n

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The Commission chair proposed increasing the agency’s resources by $72 million. This amount would be used to hire a further 170 staff.<\/p>\n

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The agency currently employs 4,685 people. About half of them work on enforcement and expertise.<\/p>\n

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In the last financial year, the SEC initiated 750 enforcement actions (up 9% year over year). As a result the Commission collected $6.4 billion in fines.<\/p>\n

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\\”Rapid technological innovation has led to improper actions in developing and new areas, not least in the crypto space. Addressing this problem requires new tools, expertise and resources,\\”<\/em> said Gensler.<\/p>\n

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The official requested an additional $393 million to enhance technological capabilities in cybersecurity and data analytics.<\/p>\n

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In total, Gensler proposed increasing the agency’s budget by $454 million \u2014 from $4.7 billion to $5.1 billion.<\/p>\n

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\\\"image-458\\\"\\n
Source: SEC.<\/figcaption><\/figure>\n<\/div>\n

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According to CoinDesk, lawmakers’ questions to Gensler showed differences in attitudes toward cryptocurrency and the SEC’s approach to regulating it.<\/p>\n

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Thus, Senator John Kennedy asked about the reasons behind the Commission’s inaction regarding alleged fraud by FTX’s leadership.<\/p>\n

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In response, Gensler noted that the platform’s headquarters were abroad, and that enforcement action takes time.<\/p>\n

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Senator Richard Durbin asked the head of the SEC whether the regulator has adequate funds to oversee the industry.<\/p>\n

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Their colleague J. Bill Hagerty expressed concerns about the loss of innovative potential and offshoring of business due to the regulator’s stance.<\/p>\n

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Earlier in July 2023, Democratic congressman Richie Torres demanded<\/a> an investigation into the Commission over its crypto-regulation approach.<\/p>\n

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Earlier lawmakers introduced a bill to remove<\/a> Gensler and restructure the SEC amid \u201congoing abuses\u201d by the agency head.<\/p>\n

“<\/p>\n","protected":false},"excerpt":{"rendered":"

SEC Chair Gensler: additional funding of $109 million is needed to expand enforcement capabilities in the digital asset market.<\/p>\n","protected":false},"author":1,"featured_media":81970,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1181,36,128,1230],"class_list":["post-81969","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-gary-gensler","tag-regulation","tag-sec","tag-us-congress"],"aioseo_notices":[],"amp_enabled":true,"views":"19","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/81969","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=81969"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/81969\/revisions"}],"predecessor-version":[{"id":81971,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/81969\/revisions\/81971"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/81970"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=81969"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=81969"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=81969"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}