SEC Boss Gary Gensler Says Agency Has Too Few Staffers to Properly Protect Cryptocurrency Investors
U.S. Securities and Exchange Chairman Gary Gensler has asked Congress to increase the agency’s budget by 8% to continue its cryptocurrency regulatory and enforcement agenda.
Gensler made his request during a congressional hearing that took place earlier in the day.
He pointed out that the agency needs employees to be able to properly police the cryptocurrency industry.
The regulatory watchdog is asking for a budget of $2.15 billion for the fiscal year ending June 30, 2023, which is $240 million more than it was seeking in 2022.
The SEC boss also urged cryptocurrency exchanges to register with the agency.
Unsurprisingly, Gensler also brought up the implosion of the Terra project during his congressional testimony to highlight the fact that the public is unprotected.
It should be mentioned that the SEC has already sued Terraform Labs for synthetic titles. Do Kwon, the controversial co-founder of the troubled project, received subpoenas at a popular cryptocurrency conference in October, prompting a backlash within the industry.
This month, Kwon came under fire for his mishandling of Terra’s collapse, which depleted a large number of LUNA and UST holders.
As reported by U.Today, Gensler said the stablecoin “may well be securities” during another congressional hearing that took place in May.
Gensler’s request for increased funding has already drawn some criticism. Congressman Tom Emmer slammed him for investing all SEC funds in cracking down on crypto.