SEC Chairman Gensler calls Crypto ‘Wild West’ while asking for more money
Share this article
US Securities and Exchange Commission Chairman Gary Gensler has called for an increase in the agency's budget in an effort to fight new frontier kriptovalyutnogo markets. In his speech on July 19, he mentioned the need to be careful to prevent possible disobedience in this developing sector.
“We have seen a wild west in the crypto markets, full of insubordination […] I am pleased to support the President's fiscal year 2024 appropriation of $2.436 billion to put SEC operations on a better path for the future.
Gensler, who made these comments before the US Senate Appropriations Committee, emphasized the importance of the SEC's growth in the face of the increasing complexity of capital markets. In fiscal year 2022, the SEC's Division of Enforcement set a record $6.4 billion in fines and forfeitures following 750 enforcement actions.
“Rapid technological innovations have led to misconduct in emerging and new areas of financial markets, not least in the crypto space. Addressing this requires new tools, knowledge and resources.”
The SEC's stance on “enforceable regulation” was not without its critics. In fact, several lawmakers, including U.S. Reps. Frances Hill and Dusty Johnson, support a shift to a legislative rulemaking approach.
The SEC cannot continue to regulate by coercion. The lawsuits against digital asset firms are not protecting the public and are stifling innovation and growth.
My letter to SEC Chairman Gensler ⬇️ pic.twitter.com/RjoBNs5YQs
— Rep. Dusty Johnson (@RepDustyJohnson) July 19, 2023
The delegates advocated for a statutory framework that would allow for regulation from the outset to protect consumers before harm occurs. They conveyed this view to Gensler in a July 19 letter, proposing a strategy of preemption rather than the current reactionary enforcement measures.
Faced with the challenge of effectively selecting and approving what the SEC calls security, the SEC sees it as a way to protect investors from bad actors before they start:
“Such growth and rapid change means more opportunity for more destruction. As a cop on the beat, we need to be able to deal with bad actors. So it makes sense for the SEC to grow along with the expansion and complexity in the capital markets.
Share this article
The information contained or included in this website is obtained from independent sources that we believe to be accurate and reliable, but we make no representations or warranties as to the timeliness, completeness or accuracy of information obtained through this website. . Decentralized Media, Inc. Not an investment advisor. We do not provide personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may be out of date, or may be incomplete or incorrect. We may, but are not obligated to, update any outdated, incomplete or inaccurate information.
You should not make an investment decision in an ICO, IEO or other investment based on the information on this website and you should never interpret or rely on any information on this website as investment advice. If you are seeking investment advice on an ICO, IEO or other investment, we strongly recommend that you consult a licensed investment advisor or other qualified financial professional. We do not receive compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities or commodities.
See full terms and conditions.
