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SEC Seeks Funding To Take On Crypto Issues

 |  July 25, 2022

The director of the Securities and Exchange Commission’s (SEC) enforcement division told a House subcommittee that he needs more people to handle the agency’s cryptocurrency actions — after nearly doubling the size of the unit in May.

SEC Director of Enforcement Gurbir Grewal told the House Financial Services Subcommittee on Investor Protection, Entrepreneurship and Capital Markets that enforcement actions against crypto companies are straining his resources, even though he hired 20 new positions — lawyers, investigators and analysts — to increase the staff of the Crypto Assets and Cyber Unit to 50.

According to a report in CoinDesk, when a member of the subcommittee, Rep. Sean Casten, D-Ill., asked whether Grewal had sufficient resources, Grewal suggested he would need more — a lot more.

“We’re making the best with the additional 20 slots,” he replied, “and then we’re hopeful to get the 125 additional slots we’ve asked for.” It wasn’t clear if the 125 new hires would be for the whole enforcement division or just the crypto unit.

Earlier this week, Sen. Elizabeth Warren, D-Mass., urged the SEC to take a stronger stand on cryptocurrency, especially in the wake of the plunge in crypto values.

Speaking to Yahoo Finance Sunday, Warren said “the SEC has a responsibility to use its authorities to put guardrails in place and crack down on crypto actors that break the rules.”

“Too many crypto firms have been able to scam customers and leave ordinary investors holding the bag while insiders make off with their money.”

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