SEC Chairman Gary Gensler has unveiled the SEC’s major cryptocurrency implementation plan. He also noted that the agency has too few staff to properly protect cryptocurrency investors.
SEC has announced a major implementation plan for cryptocurrencies
SEC chief Gary Gensler said efforts are underway to register the majority of ICO offerings, in coordination with crypto exchanges. He was speaking at the Congressional budget request inquiry for the FTC and SEC on Wednesday. Gensler says most ICOs are covered by the SEC’s securities law. He states that cryptocurrencies will be brought into the regulatory framework by deploying the SEC’s enforcement tools.
Continuing with his remarks, speaking about a broader regulatory action of crypto market volatility, Gensler said that the SEC oversees nearly 8,000 crypto-generating issuance markets.
‘Market speculative’
SEC chief said in his keynote address that the highly volatile and speculative crypto market has “mushroomed” and attracted tens of millions of American investors. Gensler noted that the additional resources will strengthen the SEC’s litigation support and expand the capabilities of the Cryptocurrencies and Cyber Unit. He also added that “the tens of thousands of reports, complaints and referrals we have received from the public will assist in the investigation.”
Gary Gensler seeks additional budget to protect crypto investors
Finally, Gary Gensler asked Congress to increase the agency’s budget by 8% to follow the cryptocurrency regulation and enforcement agenda. wanted. Gensler made his request during a congressional hearing earlier today. He emphasized that the agency needs employees to properly oversee the cryptocurrency industry.
Regulatory observer wants a $2.15 billion budget for fiscal year ending June 30, 2023, $240 million more than target in 2022 . It also urges crypto exchanges to sign up with the agency. As Kriptokoin.com , Gensler said during another congressional hearing in May that stablecoins could be “securities.”
While Gensler was right in his concerns, his demand to increase funding, which he included in his statements today, is already facing some criticism. Congressman Tom Emmer harshly criticized Gensler for investing all of the SEC’s funds in crypto prints. Gary Gensler, who lectures on Blockchain at MIT, was seen as someone who would lead the adoption of the technology before he became SEC chairman.
