Gary Gensler: The SEC Needs More Funds to Fight Crypto Scammers

Gary Gensler has repeatedly advocated for increased oversight of the crypto industry, and last week, in his speech to the House Financial Services Committee, the SEC chairman has highlighted the growing scale of fraud in the space.

He has urged for additional funding to the SEC in order to fight these crimes and allocated funds to hire cyber threat specialists in 2023, who specialize in blockchain-related crime.

Gensler has noted that the rapid innovation in the financial sector has resulted in more financial crimes being committed, including those in the crypto space.