Gary Gensler calls for more money for crypto regulation

Gary Gensler is calling for an increase in his agency's budget. The SEC chief wants to use the money for the "Wild West-like" crypto sector.

Gary Gensler was invited to a hearing before the U.S. Senate yesterday. There, the head of the Securities and Exchange Commission (SEC) asked for additional funding. In total, Gensler asked for an increase of nearly US$500 million. From the current US$4.6 to US$5.1 billion.

The SEC chief wants to start using much of the money for technology costs such as data analytics or cybersecurity. For this alone, Gensler is asking for nearly US$400 million. In addition, the authority needs another US$109 million to regulate the "Wild West-like" crypto sector. If approved, the money would bring the budget to US$1.4 billion.

SEC in an embroiled fight

The SEC is engaged in a battle with the crypto industry in the US. The Sec is suing several crypto companies, such as Coinbase, Binance and even Gemini. It accuses them of violations of securities laws. With the court's decision in the Ripple case, the authority recently suffered a bitter defeat. Gensler left open whether the SEC will appeal to the Senate.