The US government’s debt ceiling is about to be raised now that President Joe Biden has reached a tentative deal with Speaker McCarthy. Biden says in a tweet that he had reached an agreement with McCarthy on a potential budget “in principle.” “Earlier this evening, Speaker McCarthy and I reached a budget agreement in principle. […]
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SEC Chair Gary Gensler says the regulator is spread thin and needs additional funding to keep up with the “increased complexity in the capital markets.”
United States Securities and Exchange Commission (SEC) chair Gary Gensler has thrown his support behind President Biden’s request to allocate a record $2.4 billion in funding for the regulator, highlighting the ongoing need to crack down on “misconduct” in the cryptocurrency industry.
In prepared testimony for the March 29 budget hearing with the House Appropriations Committee, Gensler said the additional funding was needed to keep up the pace of innovation, adding:
“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.”
The additional funding would allow the SEC to hire 170 additional staff, most of whom would work within its enforcement and examination divisions, said Gensler.
Related: Beaxy exchange shutters after SEC presses multiple charges against founder, execs
The SEC chair noted that the prior year's budget increase allowed it to bring staffing levels above what it was in 2016 for the first time, but said the regulatory agency was still stretched thin, adding:
“As the cop on the beat, we must be able to meet the match of bad actors. Thus, it makes sense for the SEC to grow along with the expansion and increased complexity in the capital markets.”
Gensler again described crypto as the wild west, suggesting the nascent industry is “rife with noncompliance,” and that crypto investors were putting their “hard-earned assets at risk in a highly speculative asset class.”
According to Gensler, the regulator “received more than 35,000 separate tips, complaints, and referrals from whistleblowers and others in FY 2022,” which helped it bring more than 750 enforcement actions and “resulted in orders for $6.4 billion in penalties and disgorgement.”
30 of these actions were related to the crypto industry, which resulted in $242 million in monetary penalties and represents a 36% increase over the 22 actions announced in 2021.
Web3 Gamer: Shrapnel wows at GDC, Undead Blocks hot take, Second Trip
ARK Invest’s Cathie Wood says the Biden Administration’s abrupt escalation against the crypto industry will have consequences at the ballot box. In a new interview with economist Arthur Laffer, Wood says there is no doubt that the approximately 50 million Americans who own Bitcoin and crypto assets are closely watching recent moves from the White […]
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With the Federal Open Market Committee convening on Wednesday and the recent financial troubles facing the U.S. banking system, White House press secretary Karine Jean-Pierre said President Joe Biden has “confidence” in Federal Reserve chair Jerome Powell. Meanwhile, according to the CME Group’s Fedwatch tool, the target rate probability suggests the Fed will raise the […]
According to a recent report, members of the Saudi government and crown prince Mohammed bin Salman have been privately mocking U.S. president Joe Biden by questioning his keenness of thought and mental acuity. The report follows Biden’s recent trip to the region in July, when the U.S. president pressed the Saudis for more oil production, […]
Two United States senators are introducing legislation to amend the crypto provision of the infrastructure bill that President Biden just signed into law. Reaching across the aisle, Democrat Ron Wyden and Republican Cynthia Lummis seek to revise the new information-reporting rules imposed on the digital asset space. The proposed amendment intends “to revise the rules […]
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Congress has passed the Biden administration’s bill aimed at improving infrastructure, fighting climate change, and bolstering social services. The $1.2 trillion infrastructure bill, which also expands the definition of a broker, awaits U.S. president Joe Biden’s signature after passing with a vote of 228–206 on Friday. Bipartisan Infrastructure Bill Passes to the Tune of $1.2 […]
The US government is beefing up its crypto tracking and analysis capabilities to fight ransomware attacks that utilize digital assets to extort victims. In a new press briefing, Deputy Press Secretary Karine Jean-Pierre says the Biden administration is aware of a ransomware attack that targeted JBS, the world’s largest meat producer, which has plants in […]
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On Wednesday the White House defended President Joe Biden’s trillion-dollar spending proposals despite the criticism concerning rising inflation and low-interest rates. Inflation has risen at unprecedented levels in the U.S. and the average American’s purchasing power is growing less powerful. Now critics like JPMorgan Chase CEO Jamie Dimon and American economist Larry Summers have blasted […]
