The SEC wants to raise an additional $109 million in funding in order to increase its enforcement capabilities in the digital asset market, the agency's chairman, Gary Gensler, has told US congressional hearings.
According to him, the cryptocurrency sector is "full of examples of non-compliance."
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He has explained that the additional resources would strengthen the regulator's role as a "protector of the public interest, both investors and issuers."
Gensler has added:
"Eradicating fraud, manipulation and abuse reduces risks in the system."
The regulator's chairman has proposed increasing the agency's resources by $72 million, the amount needed to augment its staff with 170 specialists.