{"id":1978241,"date":"2023-07-20T07:45:01","date_gmt":"2023-07-20T11:45:01","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/sec-requests-bigger-budget-to-tackle-wild-west-of-the-crypto-markets\/"},"modified":"2023-07-20T07:49:49","modified_gmt":"2023-07-20T11:49:49","slug":"sec-requests-bigger-budget-to-tackle-wild-west-of-the-crypto-markets","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/sec-requests-bigger-budget-to-tackle-wild-west-of-the-crypto-markets\/","title":{"rendered":"SEC seeks increased budget to regulate volatile crypto markets."},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"float:left\"><div class=\"counts mashsbcount\">18<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fsec-requests-bigger-budget-to-tackle-wild-west-of-the-crypto-markets%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1978241&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><div class=\"post_content\">\n\u200b    <\/p>\n<div class=\"aplayer_app\" data-source=\"https:\/\/vs1.youmaker.com\/assets\/2023\/0720\/a7240b12-acaf-406a-92a3-1aadf183d072\/audio.mp3?length=4442445&#038;duration=370\"><\/div>\n<p>\u200c \u2064   \u2064<\/p>\n<h2>SEC \u200cChair Urges \u2064Increased \u2062Funding \u200dto Keep Up with Market Challenges<\/h2>\n<p>   \u2063\u2064 <\/p>\n<p>The\u200b Securities and \u200dExchange Commissioner (SEC) Chair, Gary\u2063 Gensler, has expressed\u2062 his support for the White\u2063 House&#8217;s budget boost request\u2064 for\u2062 the stock\u2062 market \u2062watchdog. \u2064However, \u200bhe warned that the funds allocated\u200d were \u200dsignificantly\u2062 less \u2064than what \u200bthe agency \u200bhad originally requested for \u2064the \u2063upcoming fiscal\u200d year.<\/p>\n<p> \u200b   <\/p>\n<p>The \u200dSenate Appropriations\u200c Committee has\u200d approved\u200b $2.4\u2064 billion for the SEC, which\u200c is \u200c$194\u2063 million more than\u200d the previous\u2064 fiscal year.\u200b However, it \u200bfalls \u200cshort of Mr. Gensler&#8217;s \u2064initial\u2062 proposal \u2064by nearly \u200d$73 million. This\u2062 shortfall, according to \u2062Mr. Gensler,\u2062 would \u2064hinder the \u200cSEC&#8217;s\u200c ability to\u200b address \u200bthe \u2063various market challenges it \u2064faces today.<\/p>\n<p>   \u2063 <\/p>\n<h3>Growing \u200cMarkets \u200dRequire Increased \u200bResources<\/h3>\n<p>  \u200b  \u2063<\/p>\n<p>During a recent Senate Appropriations Committee\u200d hearing, Mr.\u2063 Gensler emphasized the \u2062need for \u200d<a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/psaki-congressional-budget-office-score-on-biden-agenda-a-fake-score-on-bill-that-doesnt-exist\/\" title=\"Psaki: Congressional Budget Office Score On Biden Agenda A \u2018Fake Score\u2019 On \u2018Bill That Doesn\u2019t Exist\u2019\">increased resources<\/a> to \u200cmeet the\u2063 demands of a rapidly growing market. He \u2062explained\u200d that the\u200d SEC&#8217;s fiscal \u2064year\u200d 2024 request \u2064would \u2064allow the\u2063 agency\u2062 to\u200d expand\u2062 its \u2064Examinations \u2062Division personnel to 1,144 full-time \u2062examiners. While the organization has\u200b grown \u2062by 3\u200b percent\u2064 since \u200b2017, Mr. Gensler \u200bstressed\u200c that the \u2063financial\u2062 markets \u2062have experienced\u2062 exponential \u2064growth during\u2063 this period.<\/p>\n<p>   \u2062 <\/p>\n<p>Mr. Gensler highlighted\u200d the significant \u200cincrease in the \u2064number \u200dof clients of \u2064registered investment \u200badvisers,\u200b which has surged close to 70\u2063 percent from 34\u200d million \u2062to\u200b 57 million. \u200bAdditionally, average \u2063daily \u200dtrading in the \u200bequity \u200dmarkets \u2063has expanded \u200dfrom 30 million transactions \u2064to \u206477 \u200cmillion transactions. \u200dThis\u2062 growth\u200d and complexity in \u200dthe markets\u200c also \u200bbring about \u200bmore\u2063 opportunities for wrongdoing, according to Mr. Gensler.<\/p>\n<p>\u2063  \u200c  <\/p>\n<p>Addressing Concerns in the \u2062Crypto\u2063 Markets<\/p>\n<p>\u2064 \u200c  \u2064\u2063 <\/p>\n<p>Mr. Gensler\u200b cited\u2062 the\u2063 &#8220;Wild West of \u200cthe <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/dogecoin-rallies-after-launching-on-coinebase-pro-dogefather-elon-musk-retweets-inevitable-meme\/\" title=\"Dogecoin Rallies After Launching On Coinebase Pro, \u2018Dogefather\u2019 Elon Musk Retweets \u2018Inevitable\u2019 Meme\">crypto markets<\/a>&#8221; as\u2064 an example of\u2062 the challenges the\u2064 SEC \u2062faces. He \u2063revealed the \u200dagency&#8217;s plans to implement\u200b new measures\u200b and\u200d assets \u2062to \u2064address misconduct\u200d within the\u200d cryptocurrency industry.<\/p>\n<p>  \u200c  \u200c<\/p>\n<figure id=\"attachment_5391701\" \u2063style=\"width: 600px\" \u2062class=\"wp-caption alignnone\">\n \u2063 \u2062 \u2064 \u2063  \u2063  <a \u200chref=\"https:\/\/img.theepochtimes.com\/assets\/uploads\/2023\/07\/12\/id5391701-Bitcoin-v_01122022-1200x770.jpg\"><br \/>\n \u2063\u2064     \u200d\u200b    \u2063<figcaption class=\"wp-caption-text\"><noscript><\/noscript><\/figcaption>\u2063  \u2064 \u200b  <\/a><br \/>\n \u2064  \u200c     A Bitcoin\u2063 mock-up on Jan. 12,\u2063 2022. \u2063(John Fredricks\/The \u200cEpoch Times)<br \/>\n \u200b  \u2063 <\/figure>\n<p>\u200b \u2064   <\/p>\n<p>&#8220;Technology\u200b is also \u200crapidly\u2064 transforming\u200d our markets and business\u2063 models, \u200bwhether it&#8217;s \u200d<a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/stocks-tank-on-fears-of-new-covid-variant-dow-drops-890\/\" title=\"Stocks Tank on Fears of New Covid Variant, Dow Drops 890\">electronic trading<\/a>, the cloud, artificial \u200dintelligence, or\u200b predictive data analytics,&#8221; he said.\u2063 &#8220;The Wild West \u200cof\u200c the crypto\u2062 markets is rife \u200bwith\u2063 noncompliance, \u200cwhere \u200binvestors have put hard-earned assets \u2062at risk in\u2062 a\u200b <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/sec-requests-bigger-budget-to-tackle-wild-west-of-the-crypto-markets\/\" title=\"SEC seeks increased budget to regulate volatile crypto markets.\">highly speculative\u200d asset class<\/a>.&#8221;<\/p>\n<p>\u2063    <\/p>\n<p>Mr. Gensler emphasized\u2063 that with adequate \u200bfunding,\u200b the \u200dSEC can\u2062 be \u200ba\u200b stronger advocate for \u200dthe\u200b American public, protecting both investors \u200cand issuers. He\u2064 believes that \u200cthe fiscal year 2024\u200d budget request would\u200b provide the agency with \u2063the\u2063 necessary \u200dresources to \u2064fulfill its mission.<\/p>\n<p>    \u200d<\/p>\n<h2>Pushback\u200d From Lawmakers<\/h2>\n<p>  \u2064  <\/p>\n<p>During\u2064 the hearing, \u200cMr. \u2064Gensler faced some\u2062 pushback \u200dfrom lawmakers, including Senator John Kennedy\u2064 (R-La.), who questioned\u200d the \u200bSEC&#8217;s actions regarding the\u200d failed\u2063 crypto\u2064 exchange FTX\u200b and its former CEO, Sam\u200c Bankman-Fried.<\/p>\n<p>  \u200b \u200d \u2064<\/p>\n<p>Senator \u2064Kennedy\u200c pointed out that the SEC\u200c had the \u2064authority \u2063to regulate crypto before FTX caused havoc in the market.\u200b He\u200c suggested that \u200cthe \u200dSEC could have investigated\u2063 the situation \u200dearlier and prevented the incident \u200dfrom occurring.<\/p>\n<p> \u2064 \u200c \u2063 <\/p>\n<p>Another lawmaker, Senator Richard\u200d Durbin (D-Ill.), expressed concerns about \u2064the \u200dSEC&#8217;s \u2062funding to monitor and\u2064 regulate\u2064 the\u200b crypto \u2062industry. Mr.\u200c Gensler\u200b assured him that seeking additional \u200bfunding \u2063was part of the \u200cagency&#8217;s efforts\u2064 to address these \u200bconcerns.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>SEC Chair Gary Gensler backed the White House&#8217;s budget increase for the stock market regulator. However, he cautioned that the allocated funds fell short by tens of millions of dollars compared to the agency&#8217;s initial request. The Senate Appropriations Committee granted $2.4 billion to the SEC for the upcoming fiscal year.<\/p>\n","protected":false},"author":278,"featured_media":1978242,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[543],"tags":[],"class_list":["post-1978241","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-epoch-times"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1978241","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/278"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1978241"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1978241\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1978242"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1978241"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1978241"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1978241"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}