The alert was given by the Securities and Exchange Commission (SEC) headed by Gary Gensler. Faced with the growing challenges of the cryptocurrency and securities market, Gensler’s team is requiring significant financial and human reinforcement. The demand is clear: more means to better regulate. An approach which is part of a stated desire to strengthen surveillance and prevent financial abuse.
SEC seeking funding to monitor cryptos
In a powerful speech, Gary Gensler, the marshal of the United States Securities and Exchange Commission (SEC), appealed for financial assistance. “ Rapid technological innovation in financial markets has led to mistakes in emerging and new areas, especially in the crypto space. To remedy this, it is necessary to new toolsexpertise and resources “, he declared last March, calling for the hiring of 170 new civil servants to strengthen its team. This expansion cannot be done without an adequate budget, and that is why Gensler is proposing an increase in SEC budget at $2.43 billion.
The United States Securities and Exchange Commission (SEC) has submitted its budget request for 2025, intended in part to support its efforts to regulate the cryptocurrency sector. “ We have observed the Wild West of crypto marketss, a fertile ground for irregularity. As guardians of law and order, we must be able to meet the expectations of malicious actors “, underlined Gary Gensler, president of the SEC.
Requirementdetailed in the Congressional Budget Justification (CBJ) for FY 2025, also includes the agency’s Annual Performance Plan (APP) for FY 2025 and the Annual Performance Report (APR) for 2023.
“ I am delighted to present our budget request for fiscal year 2025, in the amount of $2.594 billion, supporting 5,621 positions and 5,073 full-time equivalents. With deficit-neutral funding, any money allocated to the agency will be offset by transaction fees ” Gensler wrote in the report’s summary.
Fraud tracking and risk management
The SEC Examination Division (EXAMS) is seeking to add 23 new positions for 2025, strengthening its ability to manage critical risks and constantly evolving, particularly those related to cybersecurity and emerging technologies such as crypto-assets, reports Bitcoin.com.
Additionally, the SEC’s Office of Investor Education and Advocacy (OIEA) has requested an additional position for fiscal year 2025. This position will primarily focus on handling questions and complaints relating to fraud involving crypto asset securities », Specified the organization.
Crypto industry: order at all costs
Gary Gensler shared his view of the crypto world in the report:
“ We witnessed the Wild West of crypto marketsriddled with non-compliance, where investors gambled their savings on a highly speculative asset class “.
“ As law enforcement, we must live up to the expectations of bad actors. It is therefore essential that the SEC keeps pace with the expansion and increasing complexity of financial markets “, underlined Gensler.
Note that last year, the SEC attacked several crypto exchanges such as Binance, Coinbase, Kraken, etc.
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