On March 29, Gary Gensler testified before the U.S. House Appropriations Subcommittee in preparation for the hearing before the Main Committee on Appropriations. This Committee is one of the most powerful in American democracy, because it is responsible for passing budget bills with its Senate counterpart. The head of the SEC came to plead for an increase in the budget of his institution, echoing the words of President Biden who had already mentioned it a few days earlier.
To carry out its missions, the SEC would notably need to hire nearly 170 additional people. For this, he therefore needs 2.4 billion dollars.
Because for him, clearly, the crypto sector is a Wild West that needs a sheriff! Lack of compliance reigns supreme and puts investors' hard-earned money at risk. Indeed, the agency received tens of thousands of complaints in 2022 that resulted in more than 750 actions by the SEC.
we'll see how far Gary is willing to go to destroy the cryptocurrency
