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No impact from Ripple ruling? SEC chair cites risks from crypto in budget request

Published 07/19/2023, 05:23 PM
Updated 07/19/2023, 07:40 PM

United States Securities and Exchange Commission (SEC) Chair Gary Gensler has called for “new tools, expertise, and resources” aimed at addressing misconduct in the crypto space in the regulator’s 2024 budget request.

In prepared testimony for a July 19 hearing of the Subcommittee on Financial Services and General Government with the U.S. Senate Appropriations Committee, Gensler said he supported the Biden administration’s request allocating more than $2.4 billion to the SEC for the 2024 fiscal year. The SEC chair cited the “Wild West of the crypto markets” that was “rife with noncompliance” as part of the reasons behind the budgetary request.

SEC Chair Gary Gensler addressing U.S. lawmakers at a July 19 hearing. Source: Appropriations Committee livestream

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