Gary Gensler, head of the Securities and Exchange Commission, told a Congressional subcommittee on Wednesday that his agency needed more human resources to supervise the US crypto industry.
“I wish we had more time to devote to this,” he said in answer to Rep. Steve Womack’s question about the SEC’s crypto work to date. The SEC’s budget proposal for FY 2023, which is $240 million more than the previous year’s appropriation, is being considered by Congress. Part of that effort stems from its crypto work and the need to hire additional in-house expertise.
Gensler highlighted a recently announced initiative to grow the ranks of a cyber fraud-related section under its enforcement department, but acknowledged that its present employee level is insufficient in comparison to the scale of its job.
“We’re definitely out-personed,” he said to Womack, the top Republican on the Financial Services and General Government Subcommittee.
Gensler subsequently mentioned the Terra blockchain ecosystem and its related stablecoin, UST, although not by name.
“In the previous three weeks, the value of one crypto complex fell from almost $50 billion to nearly $0. I mean, these are incredibly speculative, volatile investments in which the public is not protected.”
