SEC Chair Gensler Signals Tougher Regulations for Crypto Industry.

SEC Chairman Gary Gensler has stated that the securities regulator needs "new tools, expertise, and resources" to combat misconduct in the crypto space. He emphasized that the rapid technological innovation in the financial markets has led to misconduct in emerging and new areas, not least in the crypto space. The SEC has requested $2.436 billion for FY 2024 to hire an additional 170 positions and provide the Enforcement Division with more capacity to meet these challenges, investigate misconduct on a larger scale, and accelerate the pace of enforcement investigations to resolution.