Gary Gensler, the United States Securities and Exchange Commission Chair, is ready to go all out in his mission to clean up the wild, wild west of the cryptocurrency industry.
With a staggering $2.4 billion in funding at his fingertips, Gensler is determined to ramp up the SEC’s efforts to stamp out “misconduct” and bring order to the crypto world.
The SEC chief also plans to unleash a squad of 170 new staff members to join the SEC’s enforcement and examination divisions.
Gary Gensler expresses support for additional funding proposal
Gensler’s prepared testimony in a highly anticipated budget hearing with the House Appropriations Committee called for a substantial increase in funding to keep up with the breakneck pace of innovation in the financial markets.
The Chair argued that such rapid change has created a breeding ground for misconduct, particularly within the emerging cryptocurrency industry. Gensler minced no words, highlighting the industry’s rampant noncompliance and warning that crypto investors are playing with fire, putting their hard-earned assets at risk in an extremely speculative asset class.
The solution, according to Gensler, is to equip the SEC with “new tools, expertise, and resources” to effectively address these challenges head-on.
SEC’s relentless crypto crackdown
Under the leadership of Gensler, the SEC has ramped up its efforts to regulate and police the crypto industry, targeting everything from initial coin offerings (ICOs) to decentralized finance (DeFi) platforms.
No stone is left unturned in the SEC’s mission to protect investors and maintain fair and orderly markets, with the regulator even turning its attention to social media influencers who promote cryptocurrencies without proper disclosures.
As the crypto world continues to evolve and push boundaries, the SEC remains unwavering in its determination to keep up with the pace and stay one step ahead of the game.