SEC Chair Gensler Pushes for Funding to Combat Crypto Misconduct Amid Market Growth and Regulatory Challenges

SEC Chair Gary Gensler has expressed support for President Biden's request for a record $2.4 billion in funding for the regulator, citing the need to crack down on "misconduct" in the cryptocurrency industry. Gensler stated that the additional funding would allow the SEC to hire 170 additional staff, most of whom would work within its enforcement and examination divisions. He also described the crypto industry as "rife with noncompliance" and highlighted the need for new tools, expertise, and resources to address misconduct in emerging and new areas.