{"id":623834,"date":"2023-03-30T10:15:00","date_gmt":"2023-03-30T15:15:00","guid":{"rendered":"https:\/\/news.sellorbuyhomefast.com\/index.php\/2023\/03\/30\/crypto-crackdown-sec-chair-backs-2-4b-funding-boost-to-modernize-rules\/"},"modified":"2023-03-30T10:15:00","modified_gmt":"2023-03-30T15:15:00","slug":"crypto-crackdown-sec-chair-backs-2-4b-funding-boost-to-modernize-rules","status":"publish","type":"post","link":"https:\/\/newsycanuse.com\/index.php\/2023\/03\/30\/crypto-crackdown-sec-chair-backs-2-4b-funding-boost-to-modernize-rules\/","title":{"rendered":"Crypto Crackdown: SEC Chair Backs $2.4B Funding Boost To Modernize Rules"},"content":{"rendered":"
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You are here: Home<\/span><\/a><\/span>\/<\/span> News<\/span><\/a><\/span>\/<\/span> Crypto Crackdown: SEC Chair Backs $2.4B Funding Boost To Modernize Rules<\/p>\n

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The United States Securities and Exchange Commission (SEC) Chair, Gary Gensler, has backed President Joe Biden\u2019s call for the regulator to receive a record-breaking $2.4 billion in funding to crack down on misconduct in the cryptocurrency industry.\u00a0<\/p>\n

SEC\u2019s Role in Protecting Public & Modernizing Rules For Crypto Markets<\/h2>\n

Gensler emphasized the need to modernize SEC rules to keep pace with technological advancements in today\u2019s $100 trillion capital markets. In prepared testimony<\/a> for the March 29 budget hearing with the House Appropriations Committee, he noted that the growth and rapid changes in the markets increased the possibility of misconduct and noncompliance.\u00a0<\/span><\/p>\n

Gensler pointed out that the recent market volatility also highlighted the SEC\u2019s need to be adequately resourced. The SEC oversees entities ranging from start-ups to multinational corporations and markets, including broker-dealers, stock exchanges, clearinghouses, mutual funds, and asset managers.\u00a0<\/p>\n

Gensler explained that the SEC\u2019s work to oversee federal securities laws played a vital role in America\u2019s economic success and geopolitical standing around the globe for 90 years. The SEC\u2019s clients include the 330 million Americans who invest in their 401(k)s and IRAs, trade through brokerage apps or use robo-advisers.<\/p>\n

Gensler praised the SEC\u2019s dedicated staff and their remarkable work with limited resources. However, he pointed out that the SEC\u2019s oversight function is vast, and its talented staff\u2019s demands have grown dramatically.\u00a0<\/p>\n

He noted that recent growth and changes in communications and the crypto markets had exposed investors to highly speculative asset classes, putting their hard-earned assets at risk.\u00a0<\/span><\/p>\n

Gensler reiterated that as the cop on the beat, the SEC must meet the match of bad actors. He believes that allocating $2.4 billion to the SEC will enable the agency to be an even stronger advocate for the American public, investors, and issuers alike.<\/p>\n

Nevertheless, Gensler\u2019s testimony highlighted the SEC\u2019s critical role in protecting the public and the need to modernize its rules to keep pace with technological advancements. The allocated funding will help the SEC expand and increase its complexity in the capital markets to meet the demands of its vast oversight function.\u00a0<\/p>\n

The SEC\u2019s deficit-neutral appropriations, offset by transaction fees, ensure the agency\u2019s funding is secure. The SEC\u2019s work to oversee federal securities laws plays a crucial role in the American public\u2019s financial stability and the country\u2019s economic success and geopolitical standing worldwide.<\/p>\n

Related Reading | Cryptocurrencies to explode in 2023 \u2013 Don\u2019t miss out on Hedera (HBAR) and Collateral Network (COLT)<\/strong><\/a><\/p>\n<\/div>\n

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\n Mishal Ali<\/p>\n","protected":false},"excerpt":{"rendered":"

You are here: Home\/ News\/ Crypto Crackdown: SEC Chair Backs $2.4B Funding Boost To Modernize Rules The United States Securities and Exchange Commission (SEC) Chair, Gary Gensler, has backed President Joe Biden\u2019s call for the regulator to receive a record-breaking $2.4 billion in funding to crack down on misconduct in the cryptocurrency industry.\u00a0 SEC\u2019s Role […]<\/p>\n","protected":false},"author":1,"featured_media":623835,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[23084,22791,534],"tags":[],"class_list":{"0":"post-623834","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-crackdown","8":"category-crypto","9":"category-financial"},"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/623834","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/comments?post=623834"}],"version-history":[{"count":0,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/623834\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media\/623835"}],"wp:attachment":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media?parent=623834"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/categories?post=623834"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/tags?post=623834"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}