U.S. SEC Asking for More Millions, Dozens of Lawyers to Beef Up Crypto Oversight
SEC Chair Gary Gensler seeks 33 more staff for enforcement, citing the need to address emerging issues, particularly in the cryptocurrency sector. The SEC's budget request emphasizes the challenges of regulating digital assets and the need for additional resources to monitor and address risks. The Commodity Futures Trading Commission (CFTC) also highlights the growing digital asset market and requests more resources for enforcement and oversight. The Treasury Department's budget request includes various divisions seeking budget increases to engage with the cryptocurrency sector, focusing on monitoring illicit finance and understanding the role of cryptocurrencies in financial systems. Congress will evaluate these budget requests, which may face political challenges in the approval process.
