Fun

Gary Gensler: SEC Needs New Tools, Expertise, and Resources to Regulate Crypto Industry

News Feed - 2023-03-31 08:03:47

Gary Gensler: SEC Needs New Tools, Expertise, and Resources to Regulate Crypto Industry


U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler said in a congressional hearing that the securities regulator “requires new tools, expertise, and resources” to combat misconduct in the crypto space. “We’ve seen the Wild West of the crypto markets, rife with noncompliance, where investors have put hard-earned assets at risk in a highly speculative asset class,” he stressed. SEC Chair Gary Gensler on Budget Request and Crypto Regulation


The chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, testified on his agency’s Fiscal Year (FY) 2024 budget request before the House Appropriations Subcommittee on Financial Service and General Government Wednesday.


“I am pleased to support the President’s FY 2024 request of $2.436 billion for the SEC, to put us on a better track for the future,” Gensler began. “The FY 2024 request seeks funding for an additional 170 positions, as well as full-year funding for those staff hired in FY 2023.”


Commenting on the regulation of crypto assets, the SEC chief told the subcommittee: “We’ve seen the Wild West of the crypto markets, rife with noncompliance, where investors have put hard-earned assets at risk in a highly speculative asset class.” He emphasized: Rapid technological innovation in the financial markets has led to misconduct in emerging and new areas, not least in the crypto space. Addressing this requires new tools, expertise, and resources.


The SEC chairman added that the additional staff will provide the SEC’s Enforcement Division “with more capacity to meet these challenges, investigate misconduct on a larger scale, and accelerate the pace of enforcement investigations to resolution.”


Gensler explained that the securities watchdog received more than 35,000 separate tips, complaints, and referrals from whistleblowers and others in FY 2022. He noted that even with limited resources, the agency’s Enforcement Division brought more than 750 enforcement actions in FY 2022, a 9% increase over the prior year. “Our actions resulted in orders for $6.4 billion in penalties and disgorgement,” the SEC chairman said.


The SEC has been increasingly active in the crypto space. Last week, the regulator sent Coinbase a “Wells notice” about the crypto exchange’s potential violations of securities law. The regulator also charged Tron founder Justin Sun for market manipulation and offering unregistered securities. In addition, the SEC recently took action against crypto exchange Kraken and stablecoin BUSD issuer Paxos. Meanwhile, Gensler has maintained that all crypto tokens other than bitcoin are securities. Tags in this story Gary Gensler, SEC, sec crypto, sec crypto regulation, sec cryptocurrency, SEC cryptocurrency regulation


What do you think about SEC Chairman Gary Gensler saying that the securities regulator needs “new tools, expertise, and resources” to regulate the crypto sector? Let us know in the comments section below. Kevin Helms


A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography. UK Government Drops Plan to Launch NFT With Royal Mint REGULATION | 20 hours ago EU Lawmakers Vote to Impose €1,000 Limit on Unidentified Crypto Transactions REGULATION | 22 hours ago


Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleMost Crypto Sent From Wallets Sponsoring Russia in Ukraine War Reaches CEXs, Binance, Research Shows Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItRipple CEO: SEC Lawsuit Over XRP "Has Gone Exceedingly Well"


The CEO of Ripple Labs says that the lawsuit brought by the U.S. Securities and Exchange Commission (SEC) against him and his company over XRP "has gone exceedingly well." He stressed: "This case is important, not just for Ripple, it’s ... read more.Central Bank of Brazil Confirms It Will Run a Pilot Test for Its CBDC This Year Oman to Incorporate Real Estate Tokenization in Virtual Assets Regulatory Framework SEC Risks Violating Admin Procedure Act by Rejecting Spot Bitcoin ETFs, Says Grayscale Bill ‘On Digital Currency’ Caps Crypto Investments for Russians, Opens Door for Payments

News Feed

Ethereum Community Enthralled Over Controversial ProgPoW Proposal
Ethereum Community Enthralled Over Controversial ProgPoW Proposal The Ethereum community has been debating a proposal called ProgPoW as many ETH proponents believe the Programmat
Over 40 Bitcoin Forks Are Down More Than 98% Since 2017’s Forking Fiesta
Over 40 Bitcoin Forks Are Down More Than 98% Since 2017"s Forking FiestaSince the summer of 2017, more than 44 forks of the Bitcoin network were created and so far many of them have
CryptoBiz Exchange Launches in India
CryptoBiz Exchange Launches in India Recently, cryptocurrency trading in India has spiked and grown at an unprecedented level. As the Bitcoin rallies and grows s
Ericsson: 5G Tech a Gateway to the Metaverse
Ericsson: 5G Tech a Gateway to the Metaverse Ericsson, the Swedish telecom hardware and services company, has linked the use of new technologies, such as 5G, with the use of metave
Rho Markets returns online with no funds lost after $8M Oracle issue
Martin Young3 hours agoRho Markets returns online with no funds lost after $8M Oracle issueThe MEV bot responsible for profiting nearly $8 million in stablecoins returned the funds but wanted the Rho Markets team to admi
Ukraine’s New Fiat Restrictions to Boost Popularity of Crypto, Industry Says
Ukraine’s New Fiat Restrictions to Boost Popularity of Crypto, Industry Says The central bank of Ukraine has adjusted the fixed exchange rate of the national currency in U.S. dol
Defi Portfolio Tracking Startup Debank Raises $25M From Sequoia China, Crypto.com, Circle
Defi Portfolio Tracking Startup Debank Raises $25M From Sequoia China, Crypto.com, Circle The decentralized finance (defi) portfolio tracking startup Debank raised $25 million from
Bitcoin, Ethereum Technical Analysis: ETH Falls Below $3,000 to Start the Weekend
Bitcoin, Ethereum Technical Analysis: ETH Falls Below $3,000 to Start the Weekend Ethereum dropped below $3,000 to start the weekend, as cryptocurrency prices fell for a second con
Crypto Asset Trading Platform Bityard With Integrated Copy Trading Function Launched in USA
Crypto Asset Trading Platform Bityard With Integrated Copy Trading Function Launched in USA PRESS RELEASE. Bityard, a fairly new crypto exchange, currently focus
Maksym Illiashenko20 hours agoGame developers’ role in elevating Web3 gaming — Breaking the stigmaBy focusing on these elements, game developers can elevate Web3 games and change the stigma surrounding them. It"s all
India Confirms ‘It’s Not Illegal to Buy or Sell Crypto’ — Government Will Consult Widely on Crypto Regulation
India Confirms "It"s Not Illegal to Buy or Sell Crypto" — Government Will Consult Widely on Crypto Regulation India’s finance secretary has confirmed that it is not illega
Wall Street Pepe Meme Coin Nears $64M as Trump Promises Bitcoin Supremacy
David Bailey, a crypto policy advisor and aide to Donald Trump, shared details of his discussion with the President. According to Bailey, Trump is committed to building a pro-crypto environment in the US through policy m