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### United States Securities and Exchange Commission (SEC) Requests Additional Funding from Congress

The United States Securities and Exchange Commission is seeking an additional $158 million from the federal budget next year to address the “significant growth and change in our markets,” including the challenges posed by the “Wild West of the crypto markets.”

The SEC’s recent March 11 Congressional Budget Justification highlights the need for increased funding, with a request for $2.594 billion for the 2025 fiscal year, up from the $2.436 billion requested for 2024. SEC Chair Gary Gensler emphasized the rapid transformation of markets and business models due to technology advancements, underscoring the necessity for bolstered resources to effectively regulate these evolving landscapes.

In response to the dynamic shifts in communication channels and investor behavior, including the rise of social media influencers and the volatile nature of crypto markets, the SEC is advocating for enhanced capabilities to combat potential wrongdoing. Gensler noted the heightened risks in the current environment and stressed the agency’s role as a vigilant regulator to safeguard investors’ interests.

The proposed increase in funding is earmarked for expanding the SEC’s workforce across its divisions, with a target of 5,621 positions in 2025 compared to 5,473 positions in 2024. Particularly, the SEC’s Division of Examinations (EXAMS) and Office of Investor Education and Advocacy (OIEA) are seeking additional resources to address critical emerging risks in areas like crypto assets and financial technology, as well as to enhance investor protection efforts.

The SEC’s performance report for 2023 reflects its adherence to most of its performance targets, though falling short on a few metrics. The agency’s focus on combating fraudulent activities, establishing regulatory frameworks, and promoting diversity within its workforce aligns with Gensler’s overarching goals for the organization.

Notably, the SEC’s enforcement actions related to crypto activities have surged in recent years, indicating a proactive approach to regulating this burgeoning sector. With the evolving landscape of financial markets, the SEC’s initiatives aim to uphold market integrity and protect investors from potential risks associated with digital assets.

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