Gary Gensler, Chairman of the US Securities and Exchange Commission (SEC), has asked Congress to increase the budget to protect crypto investors.
Gensler said that the regulator needs more staff to properly oversee the crypto industry, so he asked for an 8% increase in the budget.
Gensler is seeking a $2.15 billion budget for the fiscal year ending June 30, 2023, which is $240 million more than its 2022 target.
The head of the SEC also urged cryptocurrency exchanges to register with the regulator.
Gensler, unsurprisingly, brought up the collapse of the Terra project to highlight the importance of the issue.
The SEC previously sued Terraform Labs over “synthetic” securities. After the lawsuit, Do Kwon gained more fame and became more recognizable in the industry. However, the collapse of LUNA and UST caused a huge backlash for Do Kwon.
Gensler’s request for a budget increase has already drawn some criticism. Congressman Tom Emmer has harshly criticized the SEC for using all its funds in its efforts to put the cryptocurrency industry under pressure.
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