SEC Seeks $158 Million Boost for Crypto Oversight Amid Market Challenges

SEC Seeks $158 Million Boost for Crypto Oversight Amid Market Challenges



In March 2024, the U.S. Securities and Exchange Commission (SEC) requested Congress for an additional allocation of $158 million in federal funds. This request, detailed in the Congressional Budget Justification, aims to address a range of challenges, including the regulation of the cryptocurrency markets. A portion of these funds is earmarked for hiring new staff and supporting legal battles the SEC is currently engaged in.



SEC Chairman Gary Gensler has famously described the cryptocurrency sector as the "wild west," highlighting the dramatic shift in how investors communicate, from Reddit forums to endorsements by celebrities. He noted, "We're witnessing the untamed frontiers of the crypto markets, teeming with noncompliance, where investors gamble their hard-earned money on a highly speculative asset class."



For 2024, the


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