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Securities and Exchange Commission Chairman Gary Gensler told a congressional subcommittee Wednesday that his agency needs more human resources in view of future regulation of the U.S. crypto industry.
Congress is now weighing a budget request from the SEC, which has requested $240 million more for fiscal year 2023 because, according to Gensler, the current staff is not up to the task.
In addition, the regulator needs new specialists to combat cyber fraud, the scale of which is constantly increasing.
Gensler also mentioned the collapse of the Terra blockchain ecosystem and its associated UST stablecoin:
There was one crypto complex whose value in the last three weeks alone fell from $50 billion to near zero. I want to say that they are very speculative, volatile, and I dare say that the public is not protected.
Separately, the official went through the cryptocurrency exchanges:
The cryptocurrency exchange must register, or we will begin to use the functionality that the Congress has given us to verify and comply with the rules.
#personnel #regulate #cryptocurrencies #SEC
