Gary Gensler, the United States Securities and Exchange Commission (SEC) Chair, has supported President Joe Biden’s appeal for an unprecedented $2.4 billion in funding for the regulatory body.
Gensler presented his testimony in defence of the proposed budget at the budget hearing with the U.S. House Appropriations Committee on March 29, 2023. In his words:
“I am pleased to support the President’s FY 2024 request of $2.436 billion for the SEC, to put us on a better track for the future.”
Gensler stated that the increased funding was necessary to ensure that regulations keep up with the pace of innovation. He noted that the fast-paced technological advancements in financial markets had opened more avenues for misconduct in emerging and novel sectors, particularly in the crypto space. And to combat this, new tools, resources, and expertise are essential.
Gensler noted that the extra funding would allow the U.S. SEC to recruit 170 new employees, with the majority assigned to the enforcement and examination departments.
The U.S. SEC chair remarked that the agency’s staffing levels in 2023 had surpassed its 2016’s level for the first time because of its increased funding in the last fiscal year. He said the agency, however, remained overextended, considering its role as the “cop on the beat” and the need to keep up with bad actors. Therefore, it is logical for the SEC to expand alongside the growth and increased sophistication of the capital markets.
Gensler stated:
“I am proud of this agency. I am proud of our dedicated staff. It has done remarkable work with limited resources. With funding to meet the scale of our mission, we can be an even stronger advocate for the American public—investors and issuers alike.”
Gensler noted that in Fiscal Year (FY) 2022, the regulator received over 35,000 separate tips, complaints, and referrals from whistleblowers and other sources. This information aided in initiating over 750 enforcement actions, resulting in orders for $6.4 billion in penalties and disgorgement.
Meanwhile, DeFi Planet reported earlier that Gensler is set to testify before the House Financial Services Committee on April 18. Representative Patrick McHenry, the committee’s chair, affirmed in an interview that Gensler’s position in the cryptocurrency industry would be questioned.
If you want to read more news articles like this, visit DeFi Planet and follow us on Twitter, LinkedIn, Facebook, Instagram, and CoinMarketCap Community.
“Take control of your crypto portfolio with MARKETS PRO, DeFi Planet’s suite of analytics tools.”
