Crypto 'Wild West': Gary Gensler wants more money to clean it up

The SEC portfolio would be rich with about $2.2 billion, said Brad Garlinghouse. To observers, the enormity of this sum allocated to such an incompetent agency seems derisory. For Gary Gensler and his team, it’s time to ask for other millions more to bring order to the crypto-sphere.

Gensler wants to increase its budget

Many have wished departure of Gary Gensler to head the United States Securities and Exchange Commission after the fiascos of 2022. General disappointment among crypto-enthusiasts: he has not resigned, let alone been removed from his post.

According to CoinDeskthe U.S. Marshal of Finance asked $72 million more to better regulate the crypto industry. Such a sum would make it possible to better protect investorshe said before the Appropriations Committee of the United States Senate.

Gary Gensler wants an additional $72 million to better protect crypto investors

SEC Chairman Gary Gensler argued for additional funding for his agency’s multi-billion dollar budget on Wednesday, telling lawmakers the agency must grow to protect investors from a cryptocurrency industry’ plagued by non-compliance. »

If lawmakers were to approve Gensler’s request, the SEC will have $2.364 billion for fiscal year 2024. Thus strengthened, the American regulator will be able to cope with inflation and recruit other employees.

Note that the SEC employs 4,685 people right now. About half of this staff is assigned to enforcement and review tasks.

We have seen the Wild West of cryptocurrency markets plagued by non-compliance, where investors put hard-earned assets in a highly speculative asset class at risk. With funding commensurate with our mission, we can be an even stronger advocate for the American public, investors and issuers alike. “, he advanced.

For 2024, in the event of enrichment of its financial envelope, the agency will be able recruit 170 people.

The Marshal pinned again

Gary Gensler justified this increase in his budget by a desire to optimal protection of investors, elimination of fraud and manipulation, as well as abuse. But some elected Americans have not failed to pull his ears.

For the Senator John F. Kennedycandidate for the next pro-bitcoin presidential elections, the meeting was an opportunity to hold him to account on the FTX affair.

Here is [l’ancien PDG de FTX, Sam Bankman-Fried] who did everything except buy Mount Rushmore and you weren’t curious where this guy got that money? Where was the SEC? »

Besides criticism from senators, Gary Gensler has also been met with criticism from the crypto community. Pro-crypto lawyer John Deaton tweeted this:

John E. Deaton reaction

If Congress grants this crazed and bad-faith regulator additional funding, he will be even dumber and more complicit than previously believed. »

Clear regulations are what everyone expects from the SEC. But a question arises: when will it see the light of day?

Receive a digest of news in the world of cryptocurrencies by subscribing to our new service of newsletter daily and weekly so you don’t miss any of the essential!

Similar Posts