SEC Seeks Millions More, Dozens of Lawyers to Strengthen Crypto Regulation
Gary Gensler is pushing for a 33-person expansion within the U.S. Securities and Exchange Commission's enforcement division to tackle "new and emerging issues," particularly stemming from its scrutiny of cryptocurrency firms.
Because Bitcoin
March 22, 2024
CoinDesk reported that Gary Gensler is pushing for a 33-person expansion within the U.S. Securities and Exchange Commission's enforcement division to tackle "new and emerging issues," particularly stemming from its scrutiny of cryptocurrency firms like Coinbase Inc., Kraken, and Binance.
Various U.S. financial regulators are justifying their latest budget requests, citing the growing significance of crypto. The SEC must justify its programs to Congress, including skeptical Republican lawmakers, during the appropriations process.
The Department of the Treasury and the Commodity Futures Trading Commission also seek increased resources to monitor the digital asset market and address related risks.
Gensler's budget request acknowledges the challenges of regulating the crypto sector, emphasizing the need for additional personnel. The SEC also plans to bolster its examinations division and enhance its capabilities in monitoring decentralized finance (DeFi).
Similarly, the CFTC aims to incorporate cryptocurrencies into its data reporting efforts and address risks associated with derivatives clearing organization licenses for crypto products.
The Treasury Department's budget request highlights actions in the cryptocurrency sector, with various divisions seeking increased funding to engage with this area.
Ultimately, these budget proposals will undergo scrutiny from Congress, with the potential for incorporation or disregard based on political dynamics and budget negotiations.
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