U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler has asked Congress for more funding for his agency to address “risks in the crypto markets.” In a Senate hearing, he stressed: “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.”
SEC Seeks More Funding to Police Crypto
Gary Gensler, chairman of the U.S. Securities and Exchange Commission (SEC), talked about cryptocurrency during his testimony on Wednesday before the U.S. Senate Appropriations Subcommittee on Financial Services and General Government regarding the SEC’s Fiscal Year (FY) 2024 budget request.
“I am pleased to support the President’s FY 2024 request of $2.436 billion for SEC operations, to put us on a better track for the future,” Gensler told lawmakers.
After outlining “tremendous growth” and changes in the U.S. capital markets, the SEC chairman stated:
We’ve seen the Wil
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