The SEC has requested $72 million to fight the “Wild West” in the crypto market
Securities and Exchange Commission (SEC) Chairman Gary Gensler supported the Biden administration’s plan to allocate $2.4 billion to the agency’s operation. He also requested an additional $72 million from the US Senate to expand the state in order to protect investors from the “Wild West” in the crypto asset market:
“We found the Wild West in the cryptocurrency sector. Investors were losing their hard-earned money in a highly speculative market.”
Gensler plans to use an additional tranche of $72 million to increase the staff to 5,139 people in 2024.
“Now our possibilities are quite extensive. In the event that the committee considers it necessary to provide these resources, we will find a use for them,” he stressed.
In addition, Gensler has requested an additional $393 million to fund cybersecurity programs. This includes, but is not limited to, specialist costs and capital tracking.
In total, if the new request is approved, $5.139 billion will be allocated to fund the SEC and all of its divisions next year, according to site US Government Spending Tracker.
As a justification for such costs, Gensler cited disappointing, in his opinion, statistics. In 2022, the agency processed 35,000 applications from affected investors, which is twice as many as in 2016. During the same period, the division decreased by 5%.
Gary Gensler said he was disappointed with the decision of the court in the case of Ripple Labs. He also indirectly confirmed the fact that the SEC will continue to analyze the proceedings and may challenge its outcome.
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