{"id":11278,"date":"2023-04-03T01:52:07","date_gmt":"2023-04-03T01:52:07","guid":{"rendered":"https:\/\/cryptoheretostay.com\/?p=11278"},"modified":"2023-04-03T01:52:08","modified_gmt":"2023-04-03T01:52:08","slug":"gary-gensler-sec-needs-new-tools-expertise-and-resources-to-regulate-crypto-industry","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=11278","title":{"rendered":"Gary Gensler: SEC Needs New Tools, Expertise, and Resources to Regulate Crypto Industry"},"content":{"rendered":"<p> <script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"crypto\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<\/p>\n<p><strong>U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler said in a congressional hearing that the securities regulator \u201crequires new tools, expertise, and resources\u201d to combat misconduct in the crypto space. \u201cWe\u2019ve 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,\u201d he stressed.<\/strong><\/p>\n<h2>SEC Chair Gary Gensler on Budget Request and Crypto Regulation<\/h2>\n<p>The chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, testified on his agency\u2019s Fiscal Year (FY) 2024 budget request before the House Appropriations Subcommittee on Financial Service and General Government Wednesday.<\/p>\n<p>\u201cI am pleased to support the President\u2019s FY 2024 request of $2.436 billion for the SEC, to put us on a better track for the future,\u201d Gensler began. \u201cThe FY 2024 request seeks funding for an additional 170 positions, as well as full-year funding for those staff hired in FY 2023.\u201d<\/p>\n<p>Commenting on the regulation of crypto assets, the SEC chief told the subcommittee: \u201cWe\u2019ve 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.\u201d He emphasized:<\/p>\n<p>Rapid technological innovation in the financial markets has led to misconduct in emerging and new areas, not least in the crypto space. Addressing this requires new tools, expertise, and resources.<\/p>\n<p>The SEC chairman added that the additional staff will provide the SEC\u2019s Enforcement Division \u201cwith more capacity to meet these challenges, investigate misconduct on a larger scale, and accelerate the pace of enforcement investigations to resolution.\u201d<\/p>\n<p>Gensler explained that the securities watchdog received more than 35,000 separate tips, complaints, and referrals from whistleblowers and others in FY 2022. He noted that even with limited resources, the agency\u2019s Enforcement Division brought more than 750 enforcement actions in FY 2022, a 9% increase over the prior year. \u201cOur actions resulted in orders for $6.4 billion in penalties and disgorgement,\u201d the SEC chairman said.<\/p>\n<p>The SEC has been increasingly active in the crypto space. Last week, the regulator sent Coinbase a \u201cWells notice\u201d about the crypto exchange\u2019s potential violations of securities law. The regulator also charged Tron founder Justin Sun for market manipulation and offering unregistered securities. In addition, the SEC recently took action against crypto exchange Kraken and stablecoin BUSD issuer Paxos. Meanwhile, Gensler has maintained that all crypto tokens other than bitcoin are securities.<\/p>\n<p><em><strong>What do you think about SEC Chairman Gary Gensler saying that the securities regulator needs \u201cnew tools, expertise, and resources\u201d to regulate the crypto sector? Let us know in the comments section below.<\/strong><\/em><\/p>\n<p>Kevin Helms <\/p>\n<p class=\"article__body__author__info__about\">\nA student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.<\/p>\n<p><i class=\"td-icon-font td-icon-mail-1\"\/><\/p>\n<p class=\"images_credits\"><em>Image Credits: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n<p><strong>Disclaimer<\/strong>: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.<\/p>\n<p>More Popular NewsIn Case You Missed It<\/p>\n<p><script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"bitcoin\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<br \/><a href=\"https:\/\/news.bitcoin.com\/gary-gensler-sec-needs-new-tools-expertise-and-resources-to-regulate-crypto-industry\/\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler said in a congressional hearing that the securities regulator \u201crequires new tools, expertise, and resources\u201d to combat misconduct in the crypto space. \u201cWe\u2019ve seen the Wild West of the crypto markets, rife with noncompliance, where investors have put hard-earned assets at risk in a highly speculative [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":11279,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[1],"tags":[],"class_list":["post-11278","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-updates"],"_links":{"self":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/11278","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=11278"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/11278\/revisions"}],"predecessor-version":[{"id":11280,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/11278\/revisions\/11280"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/11279"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=11278"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=11278"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=11278"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}