Gary Gensler, the Chairman of the Securities and Exchange Commission (SEC), has requested additional funding of tens of millions of dollars to expand the agency's budget. Gensler argued that the SEC needs to grow to protect investors against noncompliance in the crypto industry, which he described as the "Wild West".

The SEC is seeking an extra $72 million to hire dozens of new full-time staff members, in addition to providing full-year funding for staff members hired in 2023. Gensler believes that with adequate funding, the SEC can be a stronger advocate for investors and issuers and stamp out fraud, manipulation, and abuse in the system.