Key Takeaways
- The SEC requests $2.6 billion to expand digital asset oversight.
- The budget will allow for over 5,000 new positions to police the crypto and Bitcoin sector.
- SEC's stringent stance has led to high-profile lawsuits and enforcement measures.
The US Securities and Exchange Commission (SEC), under Gary Gensler’s leadership, is requesting a $2.6 billion budget for fiscal year 2025.
This budget aims to enhance the SEC’s oversight of the digital asset sector.
Expansion of workforce
The proposed budget will allow the SEC to expand its workforce to over 5,000 positions.
The SEC claims this expansion is crucial for better policing digital assets and emerging technologies.
Gensler’s emphasis on fee coverage
Gary Gensler has emphasized that the budget will be offset by transaction fees, ensureing a deficit-neutral strategy for the SEC’s operations.
Division of examinations boost
The SEC plans to add 23 new roles to its Division of Examinations in 2025.
SEC’s stance on digital assets
The SEC has adopted a stringent regulatory stance.
It has initiated high-profile lawsuits against major exchanges like Binance, Kraken, and Coinbase, focusing on the trading of unregistered securities.
