The SEC has Asked Congress for $2.5 Billion to Fight crypto Companies in 2025

The U.S. Securities and Exchange Commission (SEC) has asked Congress to allocate $2.594 billion from the federal budget for the upcoming fiscal year 2025 to prosecute cryptocurrency companies.

The SEC has Asked Congress for $2.5 Billion to Fight crypto Companies in 2025

This is $158 million more than the funds requested by the regulator for 2024 ($2.436 billion). SEC Chairman Gary Gensler presented a 148-page financial estimate to Congress, where he outlined the agency's money needs and reported on the results of its activities over the past year.

Gensler compared the cryptocurrency market to the Wild West. Gensler assures that this highly speculative market is rife with fraud, and many crypto companies do not comply with the requirements, exposing investors to the risk of losing funds. He added: the latest technologies are rapidly transforming markets and business models, creating more opportunities for wrongdoing, so the SEC should have enough resources to confront the "bad players."

The SEC explained that additional funds are required to increase the staff in the departments of the department. In 2025, the regulator plans to open 5,621 positions, while in 2024 5,473 working positions will be formed in the department.

The SEC's Regulatory Compliance Review Department (EXAMS) intends to fund 23 positions to combat the risks inherent in cryptocurrencies and fintech. The Investor Education and Advocacy Department (OIEA) plans to create another position to handle complaints of fraud with unregistered securities.

Two additional specialists are required for the SEC's legal department, due to the increase in the number of lawsuits filed against the department. In 2023, the SEC initiated 46 lawsuits and administrative proceedings related to cryptocurrencies. This number is twice as high as in 2021, when Gensler became chairman of the SEC.


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