Gensler wants expansion in SEC’s Division of Examinations to regulate the crypto sector

The SEC chairman said that the SEC Agency needed to grow with the crypto sector, to bring the regulation system parallelly. 

Gary Gensler is Chairman of the United States Securities and Exchange Commission (SEC). In early 2021, Gensler joined the SEC agency. Since 2021, the SEC agency has taken many strict enforcement actions against several crypto companies, under the leadership of Gensler. 

On 29 March 2023, Gary Gensler appeared before the U.S. House Appropriations Subcommittee on Financial Service and General Government. There they discussed the SEC’s crypto regulatory approach as well as SEC’s budget request for the 2024 fiscal year.

Gensler said that the agency already saw the Wild West of the crypto markets, rife with noncompliance, and also stressed that the agency needed to grow with this new asset market. In short, he said that the agency needed more employees & staff to handle the crypto sector regulation work.

The SEC boss said that the SEC’s Division of Enforcement should examine the innovation/development taking place in the crypto sector. According to Gensler, the SEC agency needs more staff to combat the challenges between SEC vs Crypto regulation, as limited SEC staff can’t do all the work at the same time.

In short, Gensler noted that on one side SEC’s division must trace the innovations & changes in the crypto sector, and on the other side the dedicated SEC division should ensure that all the crypto companies are doing their business under full compliance.

SEC vs Crypto 

In the last 2 months, the SEC agency showed very strict action against the crypto companies. Through the latest enforcement actions, the SEC Agency created a very big confusion among the crypto companies, whether crypto staking is legal or not under the jurisdiction of the US. 

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