This is $158 million more than the funds requested by the regulator for 2024 ($2.436 billion). SEC Chairman Gary Gensler presented a 148-page financial estimate to Congress, outlining the agency's cash needs and reporting on its performance over the past year.
Gensler compared the cryptocurrency market to the Wild West. Gensler says this highly speculative market is rife with fraud, and many crypto companies fail to comply, putting investors at risk of losing their funds. He added: Emerging technologies are rapidly transforming markets and business models, creating more opportunities for wrongdoing, so the SEC must have sufficient resources to confront bad actors.
The SEC explained that additional funds are required to increase the number of employees in the department's divisions. In 2025, the regulator plans to open 5,621 positions, while in 2024 the department will create 5,473 positions.
The SEC's Office of Compliance Assurance Services (EXAMS) intends to fund 23 positions to combat the risks inherent in cryptocurrencies and fintech. The Office of Investor Education and Advocacy (OIEA) plans to create another position to handle complaints of unregistered securities fraud.
The SEC's legal division requires two additional specialists due to an increase in the number of lawsuits brought against the agency. In 2023, the SEC initiated 46 lawsuits and administrative proceedings related to cryptocurrencies. That number is double the number in 2021, when Gensler became SEC chairman.
Recently, the chief lawyer of the largest American crypto exchange Coinbase, Paul Grewal, found contradictions in SEC statements about cryptocurrencies and demanded the court to force the regulator to clarify the rules for crypto companies.
Source: Bits

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