Gary Gensler is the chairman of SEC, the body involved in the crackdown of crypto industry.
United States Securities and Exchange Commission (SEC) chairman Gary Gensler has raised a request to the Biden government to allocate $2.4 billion in funds for the regulators to fight bad actors in the crypto industry.
The funding will allow SEC to recruit 170 additional staff who would work in its enforcement and examination division.
Gensler described the cryptocurrency industry as a wild west, filled with non-compliance. He also stated that crypto investors are putting their hard-earned money in the risky and highly speculative asset class.
The data presented by Gensler indicates that the regulators have received more than 35,000 tips, complaints, and referrals from whistleblowers in FY22 which helped them take 750+ legal action actions against the platforms involved in financial and legal misconduct.
The actions taken by SEC resulted in $6.4 billion in penalties and disgorgement.
SEC is the primary body involved deeply in the crackdown on the crypto industry. It has issued notice to leading exchanges like Coinbase and Binance accusing them of non-adherence to federal laws.
Coinbase was accused of listing and allowing securities on its exchange without following the necessary compliance.
SEC also issued Wells notice to the exchange for the same reason and threatened to take legal action against it. While CFTC sues Binance CZ for failing to follow federal laws.
Gensler will face Congress grilling over crypto policy.
The Latest Crypto Headlines:
- Fallen Signature bank orders its crypto clients to close their accounts by April 5
- Canada’s Crypto King Aiden Pleterski kidnapped, Tortured, Held for $3 million Ransom
- Bittrex exchange shutdown its U.S arm over the unfriendly regulatory environment
Paras is a blockchain writer & video creator at Katoch Tubes. In his free time, he loves watching space exploration documentaries & Hollywood movies.
