The chairman of the U.S. SEC requests an additional budget of $72 million to protect investors from the impact of the cryptocurrency market

ChainCatcher News, U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler on Wednesday requested an additional budget of $72 million for the agency during a Senate Appropriations Committee hearing, stating that the SEC must scale up to protect investors from a crypto market "rife with violations."

Gensler stated, "We have seen the wild west of the crypto market, filled with violations, where investors place their hard-earned assets in highly speculative asset classes. With sufficient funding to fulfill our mission, we can be a stronger advocate for investors and issuers."

Currently, the SEC employs 4,685 people in 2023, with about half focused on enforcement and examination duties. The additional budget will help the agency add 170 positions, potentially bringing the SEC's total full-time staff to 5,139. (Source link)