U.S. Securities and Exchange Commission ( SEC) President Gary Gensler made the calls in the 2024 budget request that address abuse in the crypto space.
In testimony prepared for the Financial Services and General Government Subcommittee’s July 19 hearing with the U.S. Senate Appropriations Committee gensHe said the Biden administration supports the request for more than $2.4 billion to be allocated to the SEC for fiscal year 2024. SECThe head of the company has focused on some segments of the crypto market as one of the reasons for the budget demand.
Expertise called for new tools and resources
Along with funding, Gensler of the SEC He said he expects to increase the number of full-time positions from 4,685 in 2023 to 5,139 in 2024. According to SEC data, the commission’s enforcement division has filed more than 750 enforcement cases in 2022, despite several abuses occurring in the crypto industry.
In response to questions posed by Illinois Senator Dick Durbin, Gensler said: “Our officials at the SEC are pretty solid. We can always use a little more resources. If this committee sees fit and wants us to have more resources, we can use them.”said
The SEC chairman said he hopes to receive an additional $70 million in funding from an agreed budget to add 170 more. Additionally, the SEC’s bankrupt crypto exchange FTXHe faced questioning from lawmakers about his role in oversight.
