SEC chair Gary Gensler pulled no punches against crypto in a testimony to the House Financial Services Subcommittee on March 29.
The meeting addressed the agency’s fiscal year 2024 budget request, and Gensler acknowledged the high pace of technological change. However, he was quick to attack the digital asset sector yet again with this sweeping statement:
“Further, we’ve seen the Wild West of the crypto markets, rife with noncompliance, where investors have put hard-earned assets at risk in a highly speculative asset class.”
U.S. SECURITIES AND EXCHANGE COMMISSION CHAIR GARY GENSLER: AGENCY BUDGET MUST GROW ‘TO MEET THE MATCH OF BAD ACTORS’ – ADVANCE TEXT
GENSLER: CRYPTO MARKETS A ‘WILD WEST’ ‘RIFE WITH NON-COMPLIANCE’
— First Squawk (@FirstSquawk) March 29, 2023
“Wild West” of Crypto Markets
The SEC chair is a self-proclaimed “cop on the beat” who views his position as an enforcer rather than a regulator.
He is seeking a whopping $2.43 billion for the SEC to continue its enforcement actions against what it deems as “bad actors” in the crypto industry.