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SEC Seeks Increased Funding to Police the Crypto “Wild West”
- The Securities and Exchange Commission is requesting an additional USD $2.6 billion for its 2025 budget, with much of that to be used on policing the crypto industry.
- Gary Gensler referred to the crypto industry as the “Wild West” for the umpteenth time in the request’s executive summary.
- Meanwhile, other bodies such as the CFTC and the Department of Treasury also pitched budget increases to help navigate the ever-evolving crypto world.
The crypto community’s favourite superhero, Gary Gensler, is once again in the news cycle pushing his regulation by enforcement stance. The head of the Securities and Exchange Commission (SEC) started off 2024 with a bang by reluctantly approving a spot Bitcoin ETF for trading on the traditional markets.
Related: BlackRock Goes Bitcoin Maxi, Shows “Little Interest” in Other Cryptos
But of course, this was just a grain of sand among several lawsuits against high-profile industry players like XRP, Coinbase and Binance. And now, as part of negotiating the body’s 2025 budget, Gensler is asking Congress for extra funding to help police the crypto world.
“New and Emerging Issues” to be Tackled With Addition of 33 New Employees
The budget pitch, which will have to be sent to Congress for approval, requests increased funding that will go directly toward hiring 33 new members of the SEC. Their role? To beef up the regulator’s enforcement division which currently has its hands full with a smorgasbord of legal battles.
According to the budget’s executive summary, the SEC notes that it is presently challenging to effectively deal with the ever-evolving blockchain sphere. Naturally, Gensler found it difficult to discuss the industry without giving it a few potshots along the way.
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.
Gary Gensler Way to be unbiased, Gary!
Interestingly, some strange bot activity has followed some of the tweets around the news.
To be fair to Gary and the crew, they aren’t the only US regulator citing cryptocurrency’s increased prominence as a rationale for a greater spending budget.
Related: Analysts Discuss Sluggish Spot Bitcoin ETF Performance Amid Market Fluctuations
The Department of Treasury and Commodity Futures Trading Commission (CFTC) are also putting forward cases for more money to splash on crypto policing. However, they managed to do so without attacking the industry, so I suppose that’s somewhat of a win.
The CFTC has risen to the challenges brought by the burgeoning digital asset market by ensuring that the markets and market participants acting within its jurisdiction comply with their statutory and regulatory requirements.
Commodity Futures Trading Commission 
Author
Ben Knight
Ben Knight is a writer and editor from Melbourne with a passion for all things music and finance. He enjoys turning complex topics – especially the technical details of cryptocurrency – into digestible bites that anybody can understand. He acquired his Master’s in Writing, Editing and Publishing from RMIT in 2019 and has run his own creative writing business ever since.
