No impact from Ripple ruling? SEC chair cites risks from crypto in budget request
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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
The SEC chair said he hoped to get an additional $70 million in funding in an agreed-upon budget to add another 170 people to the commission, some of whom would focus on enforcement. He also faced questioning from lawmakers on the SEC’s role in overseeing bankrupt crypto exchange FTX.
Gensler’s remarks followed a ruling in the SEC v. Ripple lawsuit in which a federal judge said XRP (XRP) was not necessarily a security. Though the SEC chair said the commission would be assessing the case, his testimony before the committee suggested that his position may not have changed on regulation by enforcement.
Magazine: Crypto regulation: Does SEC Chair Gary Gensler have the final say?
