Gensler’s $2.4B Crypto Crackdown Budget To Get Stalled Until April

  1. Gary Gensler is set to justify his $2.43 billion funding request on April 18.
  2. The Financial Services Subcommittee will also discuss “a host of problems” with his leadership.
  3. Gensler’s $2.43B request may have helped halt the momentum of the crypto market today.

Gary Gensler may not get his requested $2.43 billion budget for 2024 to bolster his crypto crackdown, as he is set to face the Financial Services Subcommittee on April 18 over “a host of problems” with his leadership.

According to Michigan Rep. Bill Huizenga, the US Securities and Exchange Commission (SEC) chairman needs to justify his budget request, not to mention the challenges faced by his agency. Huizenga even went as far as to say the budget increase is for “empty buildings.”

Gensler is being talked about by many people in the crypto community today due to his unexpected budget increase request. CNL reported earlier about this when Gensler gave his testimony about the crypto industry, among other things. According to him, the crypto space is like the “Wild West,” “rife with noncompliance.”

As to the reasoning behind the said budget request, Gensler is looking to fill 170 positions soon and ensure job security for those hired this year with 12 months’ worth of salary.

This may have inadvertently affected the crypto market today, with leading cryptocurrencies bitcoin (BTC) and XRP halting their momentum due to FUD. 

Specifically, after reaching $29,000 today, BTC retraced and is currently trading at $28,582.19. Meanwhile, XRP is struggling to maintain its foothold after a spectacular surge yesterday. At the moment, XRP is changing hands at $0.5478, according to CoinGecko.

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Jesus Dawal Jr covers news related to the crypto space in Asia and in Australia, although he follows the latest events in the US and Europe as well. He is most interested in the blockchain gaming and regulation aspects of the industry.