No impact from Ripple ruling? SEC chair cites risks from crypto in budget request
United States Securities and Exchange Commission (SEC) Chair Gary Gensler has called for “new tools, expertise, and resources” aimed at addressing misconduct in the crypto space in the regulator’s 2024 budget request.
In prepared testimony for a July 19 hearing of the Subcommittee on Financial Services and General Government with the U.S. Senate Appropriations Committee, Gensler said he supported the Biden administration’s request allocating more than $2.4 billion to the SEC for the 2024 fiscal year. The SEC chair cited the “Wild West of the crypto markets” that was “rife with noncompliance” as part of the reasons behind the budgetary request.
With the funding, Gensler said he expected the SEC to increase the number of full-time positions from 4,685 in 2023 to 5,139 in 2024. According to SEC data, the commission’s enforcement division brought more than 750 enforcement actions in 2022, but “rapid technological innovation” had led to misconduct in the crypto space.
“Our authorities at the SEC are quite robust — we could always use some more resources,” said Gensler in response to questions raised by Illinois Sen. Dick Durbin. “If this committee were to see fit and want us to have more resources, we could use them.”
Related: US lawmakers propose SEC chair consider legislation, not enforcement approach to crypto
The SEC chair said he hoped to get an additional $70 million in funding in an agreed-upon budget to add another 170 people to the commission, some of whom would focus on enforcement. He also faced questioning from lawmakers on the SEC’s role in overseeing bankrupt crypto exchange FTX.
Gensler’s remarks followed a ruling in the SEC v. Ripple lawsuit in which a federal judge said XRP (XRP) was not necessarily a security. Though the SEC chair said the commission would be assessing the case, his testimony before the committee suggested that his position may not have changed on regulation by enforcement.
Magazine: Crypto regulation: Does SEC Chair Gary Gensler have the final say?
Consumers will get stronger protections with a new water watchdog – as trust in water companies takes a record dive.
Environment Secretary Steve Reed will announce today that the government will set up the new water ombudsman with legal powers to resolve disputes, rather than the current voluntary system.
The watchdog will mean an expansion of the Consumer Council for Water’s (CCW) role and will bring the water sector into line with other utilities that have legally binding consumer watchdogs.
Consumers will then have a single point of contact for complaints.
Politics latest: Labour should let water companies ‘go bust’, Farage says
The Department for the Environment, Food and Rural Affairs (Defra) said the new watchdog would help “re-establish partnership” between water companies and consumers.
A survey by the CCW in May found trust in water companies had reached a new low, with fewer than two-thirds of people saying they provided value for money.
Just 35% said they thought charges from water companies were fair – even before the impact could be felt from a 26% increase in bills in April.
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‘We’ll be able to eliminate sewage spillages’
Mr Reed is planning a “root and branch reform” of the water industry – which he branded “absolutely broken” – that he will reveal alongside a major review of the sector today.
The review is expected to recommend the scrapping of water regulator Ofwat and the creation of a new one, to incorporate the work of the CCW.
Read more:
Labour will eliminate unauthorised sewage spillages in a decade
Under-fire water regulator could be scrapped
A water pollution protest by Surfers Against Sewage in Brighton
Campaigners and MPs have accused Ofwat of failing to hold water operators to account, while the companies complain a focus on keeping bills down has prevented appropriate infrastructure investment.
On Sunday, Mr Reed avoided answering whether he would get rid of Ofwat or not when asked on Sunday Morning with Trevor Phillips.
He pledged to halve sewage pollution by water companies by 2030 and said Labour would eliminate unauthorised sewage spillages in a decade.
Mr Reed announced £104bn of private investment to help the government do that.
Victoria Atkins MP, shadow secretary of state for environment, food and rural Affairs, said: “While stronger consumer protections are welcome in principle, they are only one part of the serious long-term reforms the water sector needs.
“We all want the water system to improve, and honesty about the scale of the challenge is essential. Steve Reed must explain that bill payers are paying for the £104 billion investment plan. Ministers must also explain how replacing one quango with another is going to clean up our rivers and lakes.
“Public confidence in the water system will only be rebuilt through transparency, resilience, and delivery.”
Embedding human rights into crypto systems is a necessity. Self-custody, privacy-by-default, and censorship-resistant personhood must be core design principles for any technology. The future of digital freedom depends on it.
The GENIUS Act marks a turning point for crypto regulation, but experts say true integration with finance and identity systems is only beginning.
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