Gary Gensler, the Chair of the United States Securities and Exchange Commission (SEC), has requested more than $2.4 billion for the commission’s 2024 fiscal budget, citing the need to address misconduct in the crypto space. Gensler highlighted the “Wild West of the crypto markets” that is “rife with noncompliance.” He proposed acquiring new tools, expertise, and resources to deal with the rapid technological innovation that has led to misconduct. Gensler hopes to increase the number of full-time positions in the SEC’s enforcement division and secure an additional $70 million in funding to add more staff focused on enforcement. Gensler also faced questioning regarding the SEC’s role in overseeing bankrupt crypto exchange FTX.

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