XRP News: United States Securities and Exchange Commission (SEC) chair Gary Gensler testified before the House Appropriations Committee to raise the budget for the Financial year 2024. He requested $2.436 billion for the commission’s operation. However, Ripple Labs executives believe that this budget will lead to an increase in US SEC enforcement against the crypto market.
US SEC Seeks To Increase Enforcement
Gary Gensler in his address mentioned that the division has brought in more than 750 enforcement actions in FY 2022. It is being recorded as 9% more than the previous year. He added that these actions resulted in orders for $6.4 billion in penalties and disgorgement.
Eleanor Terrett, Journalist at Fox Business reported that Gensler was asked whether the commission has the right resources right now to look into emerging crypto issues. SEC chair stated that they are stretched thin. The crypto space has a significant amount of non-compliance.
US SEC chair highlighted the financial markets have witnessed rapid technological innovation which has led to misconduct. In order to counter these issues the commission requires new tools, expertise, and resources.
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Source: https://coingape.com/xrp-news-us-sec-focus-on-enforcement-over-clarity-ripple-exec/