NewsletterUS SEC Focus On Enforcement Over Clarity: Ripple Execs Ahead Of Lawsuit Verdict
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. Read More XRP News Here…
Also Read: Ripple Lawsuit Pending Verdict Fueling XRP Price?
Stuart Alderoty, Chief Legal Officer at Ripple brought up the fact that SEC’s $2.2 billion funding request includes $680 million just for 1,500 enforcement staff. He inquired how much of the fund is devoted to rulemaking and providing actual guidance to the market.
Susan Friedman, Head of Public Policy at Ripple in a tweet recalled SEC’s mission to maintain fair, orderly, and efficient markets. However, Gensler led commission’s 50% staff is just focusing on enforcement and examinations.
She added that the regulator’s focus is on enforcement action over providing clarity to the market. This process is hurting markets and crippling capital formation in the US. Ripple Public Policy head hopes that the Congres would take a critical look over this budget request and stop their support to the commission.
Also Read: U.S. SEC Chief Gary Gensler Seeks Additional Funding To Combat Crypto
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