The SEC’s proposed 2024 budget would be around a $200 million increase from 2023. The agency is requesting funding for 170 new positions, in addition to funding for staff hired the year prior, testified Gensler.
A significant portion of these jobs would entail adding to the SEC’s enforcement and examinations divisions, which account for around half of the agency’s staff, he said. In 2022, the enforcement division received more than 35,000 tips, complaints and referrals from whistleblowers and others, more than double the number received in 2016, despite the agency shrinking by five percent during the same time period, said Gensler.
“Meanwhile, rapid technological innovation in the financial markets has led to misconduct in emerging and new areas, not least in the crypto space,” he testified. “Addressing this requires new tools, expertise, and resources.”
Source: SEC’s Gary Gensler Asks for $2.4 Billion to Fight Crypto ‘Misconduct’ | Observer
