Cryptocurrency

Kamala Harris (kamalaharriscoin.com)

Gary

Kamala Harris (kamaharris.fun)

<ul>
 <li>The SEC has been left with its thinnest budget since 2023 as impacts from persistent enforcement activities in the crypto industry ensue.</li>  
 <li>The consumption over staff benefit under Gary Gensler has forced the SEC to implement staff benefit cuts as well as frozen salaries.</li>  
 <li>The US presidential elections can have a major impact on the further crypto regulation development</li> 
</ul>  
<p>Cryptocurrency enforcement proceedings have proved to be a formidable financial challenge to the U. S. Securities and Exchange Commission (SEC).The funding provided to the agency for fiscal year 2025 is only $2.23 billion and this is the lowest funding since 2023. The Senate Committee on Appropriations allocated $2.23 billion, falling short of the $2.594 billion that was anticipated by the SEC Chair Gary Gensler.</p>  
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper">
  https://twitter.com/EleanorTerrett/status/1820540465609130052
 </div>
</figure>  
<h2 class="wp-block-heading" id="h-effect-of-sec-finances-on-crypto-enforcement">Effect of SEC Finances on Crypto Enforcement</h2>  
<p>This comes when there was initially an alarm over the high spending level that may be experienced under Gensler’s administration. The <a href="https://www.secunion.org/news/chair-genslers-employee-benefits-cuts" target="_blank" rel="noopener noreferrer nofollow">memo </a>from the SEC Union indicates that they had to reduce staff benefits and salary increment due to increased spending in 2023 and 2024 subsectors. Such expenses are owed to the fact that the SEC has been increasing its regulatory risk and climbing down the throat of the crypto space.</p>  
<p>Some of the most important factors given are that the SEC has faced significant legal problems in relation to multiple cryptocurrency firms. Recently, the high-profile cases against such giants as Ripple and Coinbase have cost the agency millions of dollars. It is a legal battle that continues with the newest case being a lawsuit filed in 2020 against Ripple.</p>  
<p>The case against<a href="https://cryptonewsland.com/sec-case-against-ripple-execs-officially-dismissed-judge-signs-final-order/" target="_blank" rel="noopener noreferrer nofollow"> Ripple</a> had some positive development for the company in 2023 but remains ongoing. This means that it continues to exert more pressure on the financial health of the SEC.</p>  
<h2 class="wp-block-heading" id="h-senate-s-budget-decision-and-its-political-impacts">Senate's Budget Decision and Its Political Impacts</h2>  
<p>Unfortunately, the recent Democrat dominated Senate’s decision to reduce the SEC’s budget came at the worst time. Let alone the upcoming presidential elections in the United States. This is why corporate funding is considered to be decreasing; SEC’s financial management,Gensler has been criticized for neglecting many non-crypto fields to focus on enforcement.</p>  
<p>As campaigns get intense with<a href="https://cryptonewsland.com/ripple-ceo-advises-kamala-harris-on-crypto-stance-amid-election-campaign/" target="_blank" rel="noopener noreferrer nofollow"> Kamala Harris</a> bringing it closer to Donald Trump, the future of cryptocurrencies remains ambiguous. Cryptocurrency analysts and traders are keenly observing the situation. Since the result of voting may have a powerful influence over the further regulation of cryptocurrencies in the United States.</p> 
<p>The post <a href="https://cryptonewsland.com/sec-union-warns-of-staff-cuts-amid-financial-strain-from-crypto-enforcement/" rel="noopener noreferrer nofollow">SEC Union Warns of Staff Cuts Amid Financial Strain from Crypto Enforcement</a> appeared first on <a href="https://cryptonewsland.com" rel="noopener noreferrer nofollow">Crypto News Land</a>.</p>

SEC Union Warns of Staff Cuts Amid Financial Strain from Crypto Enforcement

Table of Contents

Crypto News Land

Other articles published on Aug 6, 2024

The Tokyo Stock Exchange Jumps 10% After a Crash: Has the Worst Been Avoided?

Binance Labs Unveils First Batch of Projects in Season 7 Incubation Program

Will Solana Price Hold 18% Gains As $25M Liquidations Raise Concerns

DTX Tops Market Charts to Become Fastest Raising Presale of 2024; Why is Dogwifhat (WIF) and PEPE...

Bitcoin’s 28% Plunge: Kathleen Breitman Calls it ‘Internet Pretend Money’

Solana Leads Crypto Recovery As Poodlana Raises $5M

Join our free newsletter for daily crypto updates!