Securities and Exchange Commission Chairman Gary Gensler doubled down on his pledge to crack down on the “Wild West” cryptocurrency industry and warned lawmakers not to cut their budget.
The industry is “rife with fraud, scams and abuse,” Gensler said at a Senate Appropriations Financial Services subcommittee hearing on Wednesday, in response to questions from Democrats about protecting cryptocurrency consumers.
On the importance of resources to the commission overall, Gensler said that between 2017 and 2022, the number of registered investment adviser clients grew by nearly 70% and average daily trading in the stock markets more than doubled.
The Senate Appropriations Committee last week...
