Summary
The SEC is requesting a $2.6 billion budget for 2025 to enhance oversight of the crypto sector, with plans to expand its workforce and target noncompliance in the industry. Gensler is leading a regulatory crackdown on crypto, initiating lawsuits against major exchanges and seeking to classify Ethereum as a security. The industry is pushing back against the SEC’s measures, advocating for clear regulations that support innovation. Legal battles are ongoing, with some firms challenging the SEC’s authority in regulating digital assets.
Key Points
1. The SEC, led by Gary Gensler, is requesting a $2.6 billion budget for the 2025 fiscal year to enhance oversight of the crypto sector.
2. The proposed budget includes plans to expand the SEC’s workforce by targeting over 5,000 positions to better police digital assets and emerging technologies.
3. The SEC, under Gensler’s leadership, has adopted a stringent regulatory stance, initiating high-profile lawsuits against prominent crypto exchanges and increasing enforcement measures in the industry.