The SEC is proposing extra funding to support its growing activities and cover additional expenditures. On Wednesday, the SEC Chair briefed the House Appropriations Subcommittee on Financial Services and General Government.
SEC Chair Gary Gensler has called for stronger regulation and promised to reform enforcement efforts to safeguard investors. On May 18, the SEC chairman requested Congress to assist him in funding such initiatives, and he indicated the sectors where such money would be allocated, which also include cryptocurrency.
Enforcement of securities regulations, SEC chair
The SEC chairman emphasised that more funds are required to continue tracking markets and enforcement of securities regulations.
SEC chair Gensler stated that the organisation needs more employees and resources to sustain its “gold standards.” He also stated that the agency presently has 4% fewer employees than it did in 2016.
“The additional employees will provide the Department with increased ability to investigate violations and expedite enforcement proceedings,” the SEC chair said.
The SEC has asked for an 8% increase in government expenditure for the fiscal year 2023. This would allow Gensler to hire 400 new employees, 90 of whom would be allocated to the enforcement and investigation departments.
SEC chair effort to protect investors
The newest revelations come as the SEC chairman ramped up efforts to increase control of the $2 trillion crypto sector in order to safeguard investors from cybercrimes.
In March, the US President signed an order directing the government to investigate the threats and advantages of cryptocurrency.
