JAKARTA – The chairman of the US Securities and Exchange Commission (SEC) Gary Gensler wants to speed up enforcement of crypto regulations. He requested an increase in the SEC's budget to the US Congress. Gensler explained that the SEC needed additional human resources to better oversee the digital asset sector.
According to U.Today, the SEC is seeking a budget of $2.15 billion for the fiscal year ending June 30, 2023, which is $240 million more than originally anticipated. sought in 2022.
SEC bosses also urged crypto exchanges to register with the agency. In addition, Gensler also brought up the explosion of the Terra project during his congressional testimony to underscore the fact that the public is not protected.
It's worth mentioning that the SEC has sued Terraform Labs over synthetic securities. Do Kwon, the controversial co-founder of the troubled project, famously subpoenaed a popular cryptocurrency conference in October, which resulted in backlash within the industry.
This month, Kwon came under fire for his mishandling of the Terra collapse, which impoverished a large number of LUNA and UST holders.
As reported by U.Today, Gensler said that stablecoins “may be securities” during another congressional hearing that took place in May.
Gensler's request for increased funding has drawn some criticism. Congressman Tom Emmer lashed out at him for using all the SEC funds to crack down on crypto.
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