- The Securities and Exchange Commission chairman asked for more funding from the United States government. Gary Gensler says it is because the commission needs funding to fight the crypto industry.
- Before asking for this funding, the SEC already received funds for their activities. But the new request is generating fear and anger among crypto communities.
For the longest time, the crypto industry has suffered from legal or regulatory wars waged against them. In most cases, these issues usually come from the government and through commissions. Especially in the United States, Gary Gensler and the Securities and Exchange Commission primarily oversees the clampdown.
Gary Gensler Ask for Increment in Funding
Gary Gensler’s SEC initiative is not slowing down at any moment, and he recently asked for more funds. The request got to the U.S. Senate Committee, and they’re reviewing it. In his pitch, the SEC will use these funds in their fight against crypto firms.
Gary Gensler SEC claims protecting investors from firms needs more funding, and the crypto industry is “rifled with noncompliance.” The major highlight of his pitch is the amount of money Genslar demanded. It runs into tens of millions, and the government might approve it.
How Much is the SEC Asking For?
Everything indicates Gary Gensler’s crypto fight is going to another level with the new demands. The government agency wants to go on all levels against crypto crime. Although sometimes, the SEC chairman has been accused of overdoing it. But Genslar isn’t relenting.
He has asked for a whopping $72 million in funding from the U.S. Senate Committee. Note that this is just additional funding, as it is not their main budget. Apparently, the SEC isn’t only asking for money. They are also asking for an increment in their staff. They argue they want to add more full-time employees that will help them in their fight against crypto crime. The U.S. Senate Committee is still reviewing its latest pitch and has already approved the SEC budget for 2024. The amount approved is $2.364 Billion, and it will be for the 2024 session.
Why does Gary Gensler SEC Need Additional Funds?
Adding more employees to their payroll is the major purpose of the additional funds the SEC needs. At press time, the SEC has around 4,685 employees, and a large percentage are in the enforcement department.
The enforcement and examination department are the ones that detect and fight crypto crimes. So the SEC is seeking to add 170 more personnel to their overall time, and this will bring the number to 5,139.
In conclusion, the move Gary Gensler SEC is making is serious and might be important. If it is approved, it means the war against the crypto industry will increase. And scenarios like this are freaking out crypto investors.
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