The Chair of the United States Securities and Exchange Commission (SEC), Gary Gensler, has voiced his support for President Biden's proposal to allocate $2.4 billion in funding to the regulator, in order to crack down on "misconduct" in the crypto industry.
Gensler stated that rapid technological innovation has led to misconduct in emerging and new areas, particularly in the crypto space, and addressing this requires new tools, expertise, and resources.
The additional funding would allow the SEC to hire 170 additional staff, most of whom would work within its enforcement and examination divisions. Gensler also described the crypto industry as "rife with noncompliance" and highlighted the need to protect investors from putting their assets at risk in a highly speculative asset class.
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