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The wild, untamed landscape of the crypto market, infamous for its non-compliant conduct, has drawn the attention of United States Securities and Exchange Commission (SEC) Chair, Gary Gensler. With an eye to tackle the digital market's rampant misconduct, Gensler has made an appeal for a substantial influx of resources, new tools, and skilled personnel in the SEC's 2024 budget request.
Gensler emphasized the urgency of this need while addressing a Subcommittee on Financial Services and General Government hearing under the U.S. Senate Appropriations Committee on July 19. He backed President Biden's proposal to inject over $2.4 billion into the SEC's budget for the fiscal year of 2024.
The additional resources, according to Gensler, are pivotal in expanding the SEC's workforce from the existing 4,685 full-time positions in 2023 to an estimated 5,139 in 2024. This expansion is viewed as a necessary response to the quick-paced technological innovation driving the crypto world, which has inevitably led to misconduct.
Statistics from the SEC reveal that over 750 enforcement actions were carried out in 2022. However, the swiftly evolving crypto realm necessitates even more proactive enforcement, to which Gensler responded that the SEC authorities are competent.
Gensler's appeal for resources was sparked by queries from Illinois Senator Dick Durbin. If granted, Gensler plans to infuse an additional $70 million into the budget to onboard around 170 more personnel, some designated specifically for enforcement.
The recent SEC versus Ripple lawsuit ruling, where a federal judge suggested XRP might not be deemed a security, also surfaced in the hearing. Despite this, Gensler subtly hinted that his stance on regulation by enforcement might remain unchanged. This notion is further cemented by questions raised on the SEC's role in supervising the insolvent crypto exchange, FTX.
