- Biden proposes $2.4B funding
- Gensler supports crackdown
- Enforcement actions rise
SEC Chair Gary Gensler has endorsed President Joe Biden’s request for a record $2.4 billion in funding for the regulatory body, emphasizing the necessity to address misconduct within the burgeoning cryptocurrency industry.
As part of his prepared statement for the House Appropriations Committee’s March 29 budget hearing, Gensler argued that the funding increase is essential to keep up with technological innovation. He stated, “Rapid technological innovation in the financial markets has led to misconduct in emerging and new areas, particularly in the crypto space. Addressing this requires new tools, expertise, and resources.”
Gensler revealed that the additional funding would enable the SEC to recruit 170 new staff members, the majority of whom would work in its enforcement and examination divisions. The SEC chair once again likened the cryptocurrency industry to the “wild west,” implying rampant noncompliance and risks for investors in the highly speculative asset class.
During the fiscal year 2022, the regulator reportedly received over 35,000 tips, complaints, and referrals from whistleblowers and others. These led to more than 750 enforcement actions and $6.4 billion in penalties and disgorgement orders. Of these actions, 30 were related to the crypto sector, resulting in $242 million in monetary penalties—a 36% increase from the 22 actions announced in 2021.
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In other news, the eagerly anticipated Shapella hard fork is scheduled to activate on the Ethereum mainnet on April 12 at 10:27 UTC. This game-changing occurrence will enable Ethereum validators to withdraw their Ether (ETH) from the Beacon Chain, releasing an astounding $31.6 billion in value.
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