3/29, 9:01 PM (Source: TeleTrader)
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US SEC: We've seen crypto markets Wild West

United States Securities and Exchange Commission (SEC) Chair Gary Gensler (pictured) likened the cryptocurrency markets to the "Wild West," "rife with noncompliance, where investors have put hard-earned assets at risk in a highly speculative asset class."

Speaking before the House Committee on Appropriations, Gensler said the recent volatility in markets showed his agency must be "adequately resourced" to respond to challenges and supported President Joe Biden's request to grant it a $2.436 billion budget for the fiscal year 2024. "This agency's clients are the 330 million Americans," he underscored.

"As the cop on the beat, we must be able to meet the match of bad actors. Thus, it makes sense for the SEC to grow along with the expansion and increased complexity in the capital markets," Gensler stressed.

Baha Breaking News (BBN) / JR