SEC is short staffed, needs more help to police crypto, China-linked firms, Gensler says

Chairman Gary Gensler said Wednesday that the SEC is trying to juggle an unprecedented list of financial challenges with a smaller staff.

“We are short staffed,” Gensler told CNBC’s “Squawk on the Street.” “It might sound odd to say that at an agency with 4,400 remarkable, dedicated staff working remotely during this challenging pandemic. But that’s 4% to 5% less than we had just five years ago.”

“We’ve got an IPO boom, we have a SPAC boom, we have cryptocurrencies to deal with. We have the issues we talked about earlier about China,” he added. “I’d like to at least get back to where we were in 2016 and I think we should probably be 5% or 10% larger than that.”

Source: SEC is short staffed, needs more help to police crypto, China-linked firms, Gensler says