Crypto News– The United States Securities and Exchange Commission is urging Congress for an additional $158 million from the federal budget for the upcoming year to tackle the “significant growth and change in our markets,” particularly focusing on the volatile landscape of the crypto markets.
SEC Seeks Additional 158 Million Dollars from Federal Budget to Regulate Crypto’s ‘Wild West’
In their Congressional Budget Justification for March 11, the SEC outlined their need for $2.594 billion for the 2025 fiscal year, up from $2.436 billion requested in 2024. SEC Chair Gary Gensler emphasized the rapid technological transformation affecting markets and business models, citing the emergence of communication channels like Reddit forums and celebrity influencers. He highlighted the challenges posed by the “Wild West” of crypto markets, marked by rampant noncompliance and speculative activities risking investors’ hard-earned assets.
Gensler stressed the necessity for the SEC to adapt to these changes, emphasizing the increased potential for misconduct. He reiterated the SEC’s role as the guardian against bad actors, stating, “We must be able to meet the match of bad actors.”
Part of the additional funds would be allocated to bolster staff across SEC divisions, with a target of 5,621 positions for 2025, compared to 5,473 in 2024. The Division of Examinations (EXAMS) aims to enhance its capabilities in tackling evolving risks, including crypto assets and emerging financial technology, by funding 23 more positions.
The Office of Investor Education and Advocacy (OIEA) seeks one more position dedicated to handling questions and complaints related to fraud involving crypto asset securities, to better serve retail investors.
Additionally, the Office of the General Counsel (OGC) is requesting two more positions to address the escalating civil and administrative litigations against the Commission, and to support its whistleblowing program, which has experienced a significant increase in volume.
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