Securities and Exchange Commission Chairman Gary Gensler doubled down on his promise to crack down on the “the Wild West” cryptocurrency industry and warned lawmakers against cutting his budget.
The industry is “rife with fraud, scams and abuse,” Gensler told a Senate Appropriations Financial Services subcommittee hearing Wednesday, in response to Democrats’ questions about protecting cryptocurrency consumers.
On the importance of resources for the commission overall, Gensler said from 2017 to 2022, the number of clients of registered investment advisers grew almost 70%, and average daily trading in the equity markets more than doubled.
The Senate Appropriations Committee last week ...
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