Securities and Exchange Commission chair Gary Gensler told a Congressional subcommittee Wednesday that his agency needs more human resources as it looks to regulate the US crypto space.
“I wish we had more to dedicate to this," he said in response to questioning from Rep. Steve Womack about the SEC's crypto work to date. Congress is weighing a budget request from the SEC, which has sought $240 million for FY 2023 above the previous year's appropriation. Part of that push is related to its work on crypto and the need to hire more in-house experts.
"We’re really out-personed," he told Womack, ranking Republican member on the Financial Services and General Government Subcommittee. Gensler later referenced the blow-up of the Terra blockchain ecosystem and its related stablecoin, UST, though not by name. “There was one crypto complex that went from like 50 billion dollars of value to near-zero just in the last three weeks. I mean these are highly speculative, volatile, and I dare say, the public is not protected.” Gensler hasGensler went on to remark with respect to crypto exchange services:
“The crypto exchange should come in and register or, frankly, we’re going to continue to bring, use what Congress has given us in our examination and enforcement functions.”
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