{"id":449162,"date":"2022-05-19T00:31:48","date_gmt":"2022-05-18T21:31:48","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/sec-chair-uses-crypto-enforcement-in-justification-for-fy2023-budget\/"},"modified":"2022-05-19T00:31:48","modified_gmt":"2022-05-18T21:31:48","slug":"sec-chair-uses-crypto-enforcement-in-justification-for-fy2023-budget","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/sec-chair-uses-crypto-enforcement-in-justification-for-fy2023-budget\/","title":{"rendered":"# SEC chair uses crypto enforcement in justification for FY2023 budget"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a4096a201dd7\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a4096a201dd7\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/sec-chair-uses-crypto-enforcement-in-justification-for-fy2023-budget\/#%E2%80%9D_SEC_chair_uses_crypto_enforcement_in_justification_for_FY2023_budget_%E2%80%9C\" >&#8221; SEC chair uses crypto enforcement in justification for FY2023 budget &#8220;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_SEC_chair_uses_crypto_enforcement_in_justification_for_FY2023_budget_%E2%80%9C\"><\/span>&#8221; SEC chair uses crypto enforcement in justification for FY2023 budget &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<div class=\"post-content\" data-v-2a0745c6>Gary Gensler, chair of the United States Securities and Exchange Commission, or SEC, has cited concerns about cryptocurrency enforcement in its budget request for the next fiscal year.<\/p>\n<p>In written testimony for a Wednesday hearing of the U.S. House Committee on <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">App<\/a>ropriations, Gensler <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/docs.house.gov\/meetings\/AP\/AP23\/20220518\/114778\/HHRG-117-AP23-Wstate-GenslerG-20220518.pdf\">said<\/a> he supported President Joe Biden\u2019s request to budget more than $2.1 billion for the SEC in FY2023, allowing the regulatory body to increase its enforcement division by 50 people. The SEC chair cited concerns about the crypto space, referring to markets as \u201chighly volatile and speculative\u201d as well as the need for \u201cnew tools and expertise\u201d to address enforcement.<\/p>\n<p>\u201cThe additional staff will provide the Division with more capacity to investigate misconduct and accelerate enforcement actions,\u201d said Gensler. \u201cIt also will strengthen our litigation support, bolster the capabilities of the Crypto Assets and Cyber Unit, and investigate the tens of thousands of tips, complaints, and referrals we receive from the public.\u201d<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-05\/b96e2374-3bd8-4cd0-8289-c5faa9db09cc.png\"><figcaption style=\"text-align: center;\"><em>SEC chair Gary Gensler addressing the U.S. House Committee on Appropriations on Wednesday<\/em><\/figcaption><\/figure>\n<p>Addressing Michigan Representative Brenda Lawrence at the hearing, Gensler <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/appropriations.house.gov\/events\/hearings\/fiscal-year-2023-budget-request-for-the-federal-trade-commission-and-the-securities\">reiterated<\/a> his view that \u201cmost\u201d offerings from token projects fell under the SEC\u2019s regulatory purview as securities and should be registered accordingly. According to the SEC chair, investors were currently \u201cnot well protected\u201d given the regulatory body\u2019s limitations on enforcement:\u00a0<\/p>\n<blockquote><p>\u201cWe\u2019ll use our enforcement tools to bring enforcement actions [against crypto trading platforms], but I prefer if they come in [&#8230;] We\u2019re not trying to grow really significantly, but resources to grow at least six percent to grow our enforcement arm in this space.\u201d<\/p><\/blockquote>\n<p>Gensler later added he wanted more funding to dedicate to issues related to the growing crypto space, citing 85-90 enforcement actions the SEC had brought against digital asset firms in the last year. He also referred to the recent price volatility of a crypto asset \u201cthat went from $50 billion of value to near zero just in the last three weeks,\u201d possibly referring to TerraUSD (UST).<\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>SEC doubles down on crypto regulation by expanding unit<\/em><\/strong><\/p>\n<p>The recent volatility among major cryptocurrencies including Bitcoin (BTC) and Ether (ETH) following the collapse of Terra (LUNA) has caught the attention of more than a few regulators and lawmakers in the United States. On May 12, Treasury Secretary Janet Yellen addressed the\u00a0House Financial Services Committee, including in her testimony that TerraUSD (UST) and Tether (USDT) depegging from the U.S. dollar was not a \u201creal threat to financial stability\u201d given the scale of the stablecoin market.<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"law_decoded\"><\/template>\n<\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/sec-chair-uses-crypto-enforcement-in-justification-for-fy2023-budget\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; SEC chair uses crypto enforcement in justification for FY2023 budget &#8220; Gary Gensler, chair of the United States Securities and Exchange Commission, or SEC, has cited concerns about cryptocurrency enforcement in its budget request for the next fiscal year. In written testimony for a Wednesday hearing of the U.S. House Committee on Appropriations, Gensler&#8230;<\/p>\n","protected":false},"author":1,"featured_media":449163,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDUvYThiYjAyMDYtYzg1Yy00ZjE0LTk5MzUtMGQ1OTc5NGU2YTA5LmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74863,74898,71511,70934,67874],"class_list":["post-449162","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-cryptocurrencies","tag-sec","tag-government","tag-regulation","tag-united-states"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/449162","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=449162"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/449162\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/449163"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=449162"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=449162"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=449162"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}