The SEC is gearing up for more crypto oversight.
Gary Gensler, chair of the United States Securities and Exchange Commission, or SEC, has cited concerns about cryptocurrency enforcement in its budget request for the next fiscal year.said
he supported President Joe Biden’s request to budget more than $2.1 billion for the SEC in FY2023, allowing the regulatory body to increase its enforcement division by 50 people. The SEC chair cited concerns about the crypto space, referring to markets as “highly volatile and speculative” as well as the need for “new tools and expertise” to address enforcement.
“The additional staff will provide the Division with more capacity to investigate misconduct and accelerate enforcement actions,” said Gensler. “It also will strengthen our litigation support, bolster the capabilities of the Crypto Assets and Cyber Unit, and investigate the tens of thousands of tips, complaints, and referrals we receive from the public.
“We’ll use our enforcement tools to bring enforcement actions [against crypto trading platforms], but I prefer if they come in [...] We’re not trying to grow really significantly, but resources to grow at least six percent to grow our enforcement arm in this space.”
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