SEC Chair Gensler Highlights Crypto Risks and Ripple Ruling Impact in Budget Request

SEC Chair Gary Gensler has requested over $2.4 billion for the commission's 2024 fiscal budget, citing the need for additional resources to address misconduct in the crypto space. Gensler referred to the "Wild West of the crypto markets" and the prevalence of noncompliance as reasons for the budgetary request. He expressed the intention to increase the number of full-time positions at the SEC and highlighted the impact of rapid technological innovation on misconduct in the crypto industry. Gensler's remarks came after a recent ruling in the SEC v. Ripple lawsuit, indicating that his stance on regulation by enforcement may not have changed.