The chairperson of the Securities and Exchange Commission has reserved all the limelight on his agency on account of his recent remarks. He has made a call for more assistance and resources from the government claiming that the regulator is currently running thin.
He has also made a call for a whopping $2.4 billion in additional funding to support the effort of the regulator to bring more lawsuits against the crypto markets.
He has submitted his requisition request on account of the increasing complications in the capital markets. With his latest request, he has extended the support to Biden administration and asked for the allocation of an additional $2.4 billion in funding to support the crack on various crypto entities for their legal violations and their misconduct in the form of dealing in unregistered securities.
SEC Chief Places his Funding Request at the House Committee
He prepared these remarks and aid requests for the recent budgeting hearing in front of the House Appropriation Committee. He emphasized that the additional funding has become crucial if the agency is to address the rising issues in the crypto market.
During his presentation, he claimed that SEC has to keep up with the high speed of fintech innovation happening in the financial markets. He said that more chances of misconduct are rising from these emerging and new areas.
He claimed that the extent of these potentially violating financial technologies is not limited to the crypto sector only. He also added that to deal with all these new entities, the regulator needs access to new tools, expertise, and more resources.
SEC has projected that it would be able to hire 170 more staff members with this additional funding. The new blood will focus its skills to amplify the impact of divisions and examination divisions.
During the hearing, the SEC chief claimed at one point that the recent budget provisions issued to the regulator have allowed it to regain its former staff strength of 2016.
He however maintained that the agency was still low on resources in comparison to the weight of the task that it is currently facing. He compared the agency with police enforcement and said that the agency should be ready to match the bad actors in numbers.
He also projected that SEC should be prepared to expand following the sector that it is planning to prosecute. He also slammed the crypto sector by calling it Wild West. The head of the financial regulator said that crypto is rife with non-compliant entities.
He also claimed that crypto investors are putting their hard-earned savings at risk when creating positions in highly speculative digital assets.
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