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The SEC Chairman Gary Gensler asks for $109 million to regulate the crypto sector

In an effort to address the challenges posed by the burgeoning crypto market, Securities and Exchange Commission (SEC) Chairman Gary Gensler urged senators to grant an additional $109 million to strengthen the markets regulator’s enforcement and technology capabilities.

Describing the cryptocurrency markets as “the Wild West,” Gensler stressed the need for new tools, expertise and resources to effectively regulate this rapidly evolving landscape.

The SEC’s attempt to regulate the crypto sector presided over by Gary Gensler requires more funding

The SEC plays a crucial role in protecting investors and maintaining fair and efficient markets.

As cryptocurrencies grow in popularity, the agency faces the daunting task of regulating an ever-expanding ecosystem of digital assets, where rapid technological innovation often paves the way for misconduct and potential vulnerabilities.

With the proposed funding, the SEC’s enforcement budget would increase to $1.4 billion, allowing the agency to enhance oversight and enforcement activities across all financial markets, including the increasingly influential cryptocurrency sector.

During federal fiscal year 2022, the SEC pursued more than 750 enforcement actions, a significant 9% increase over the previous year.

These actions resulted in fines and relief totaling as much as $6.4 billion.

However, as the cryptocurrency landscape continues to evolve, the agency recognizes the need to stay ahead of potential illicit activities and ensure investor protection.

“Rapid technological innovation in financial markets has led to misconduct in new and emerging areas, not least in the cryptocurrency space. Addressing this problem requires new tools, skills and resources.”

Gensler stressed in his opening testimony before a subcommittee of the Senate Appropriations Committee.

The hard work of regulation

The rapid growth of the cryptocurrency market and its inherent complexities present unique challenges for regulators around the world.

While cryptocurrencies offer immense potential for financial innovation and inclusion, they also expose investors to greater risks due to their often unregulated nature.

The SEC, like many regulators globally, is grappling with finding the right balance between promoting innovation and protecting investors.

Gensler’s call for increased funding indicates the agency’s determination to improve its ability to effectively address emerging challenges associated with digital assets.

Critics argue that the cryptocurrency space remains a breeding ground for fraudulent schemes, market manipulation and scams, leading to significant financial losses for unsuspecting investors.

By securing additional assets, the SEC intends to strengthen its ability to investigate and prosecute such illegal activities, thereby instilling greater confidence in the market.

Key areas where to intensify efforts and investments

One of the key areas where the SEC intends to intensify its efforts is the regulation of initial coin offerings (ICOs) and decentralized finance platforms (DeFi).

The lack of comprehensive guidelines and regulations on these fundraising methods has raised concerns about potential securities law violations.

In addition, Gensler’s push for more funding reflects a broader call for stricter regulation in the cryptocurrency sector.

He has previously expressed the need to clarify the regulatory status of many cryptocurrencies and the platforms that facilitate their trading, as some may fall under existing securities laws.

By obtaining additional funding, the SEC plans to invest in cutting-edge technology and hire specialized staff with expertise in blockchain and digital assets.

These resources will enable the agency to be at the forefront of cryptocurrency-related developments and effectively monitor market activity.

The move toward greater regulation may also be influenced by a desire to address concerns about consumer protection and systemic risks posed by the rapid growth of the cryptocurrency market.

Striking the right balance between innovation and oversight is critical to promoting a healthy and sustainable crypto ecosystem that benefits both investors and the industry.

Crypto: the figures requested by SEC Chairman Gary Gensler

In addition to requesting an additional $109 million for enforcement activities, Gensler is asking Congress for $393 million to cover various technology costs.

This appropriation would include crucial areas such as data analytics and cybersecurity, which are essential to maintaining market integrity and safeguarding against potential threats in an ever-changing digital landscape.

In stressing the importance of these budget requests, Gensler compared the figures to the large technology expenditures of major market players, highlighting the need for the SEC to keep pace with rapidly evolving technologies.

The ultimate goal is to ensure that the agency has the tools and resources it needs to effectively regulate financial markets, including the increasingly influential cryptocurrency sector.

Overall, the SEC chairman’s ambition is to increase the agency’s funding across all divisions to $5.1 billion from the current $4.7 billion for this federal fiscal year.

https://en.cryptonomist.ch/2023/07/20/sec-gary-gensler-asks-109-million-regulate-crypto/

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Trump just posted this about chemtrails 👀

“The enthusiasm for experiments that would pump pollutants into the high atmosphere has set off alarm bells here at the TRUMP EPA.”

00:02:52
The future of crypto = access, trust, transparency.

@evernorthxrp gives institutional + public investors simple, regulated, liquid exposure to XRP – and we’re compounding that value.

Watch below to learn how. 🎥👇

OP: @Ashgoblue

00:01:32
Coinbase CEO Brian Armstrong on CNBC: Crypto Market Structure Bill is CLOSE to passing 👀
00:00:39
👉 Coinbase just launched an AI agent for Crypto Trading

Custom AI assistants that print money in your sleep? 🔜

The future of Crypto x AI is about to go crazy.

👉 Here’s what you need to know:

💠 'Based Agent' enables creation of custom AI agents
💠 Users set up personalized agents in < 3 minutes
💠 Equipped w/ crypto wallet and on-chain functions
💠 Capable of completing trades, swaps, and staking
💠 Integrates with Coinbase’s SDK, OpenAI, & Replit

👉 What this means for the future of Crypto:

1. Open Access: Democratized access to advanced trading
2. Automated Txns: Complex trades + streamlined on-chain activity
3. AI Dominance: Est ~80% of crypto 👉txns done by AI agents by 2025

🚨 I personally wouldn't bet against Brian Armstrong and Jesse Pollak.

👉 Coinbase just launched an AI agent for Crypto Trading
Pyth 🤝 Hyperliquid

The HIP-3 Ecosystem Map:

Full report and projection of year one HIP-3 volumes dropping tomorrow on @MessariCrypto

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🚨JUST IN: POLYMARKET TO LAUNCH A TOKEN!

CMO Matthew Modabber confirms a native $POLY token and airdrop. Polymarket is eyeing a new funding round valuing it up to $15B.

⚡ BREAKING: GOOGLE’S WILLOW QUANTUM PROCESSOR COMPLETES 3.2 YEARS OF COMPUTATION IN JUST 2 HOURS, 13,000× FASTER THAN THE WORLD’S MOST POWERFUL SUPERCOMPUTER, SPARKING FRESH CONCERNS OVER BITCOIN’S ENCRYPTION SECURITY.

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New Human Force
Join this Now! YOU have what it takes!

They are in our solar system, and in our event-stream in this Eternal Now.

Officialdom is clueless.

They think we are going to be at WAR with the Aliens.

Officialdom is very stupid.

Aliens is here. It’s not WAR. It’s Contention.

There is a difference.

Officialdom is clueless, still living in the last Millennium.

Aliens is here.

The Field in which we contend is This Eternal Now.

ALL HUMANS LIVE HERE, and ONLY HERE, in this

ETERNAL NOW.

It’s a Field of potentials, of pending Manifestation, this continuous event-stream of karma in which we have always lived our body’s Life.

This Eternal Now has always been our body’s Field of Contention.

The Aliens is here, in our Eternal Now.

Our common, shared, reality that we all continuously co-create now has Aliens.

It’s getting very complex in here.

Officialdom is clueless. They see the Aliens. They are freaking out. They think you are children, when it is their small minds, trapped in a reality that is only grit, mud, and ‘random chance’ who are childish.

Officialdom is stupid. They will and are reacting badly. As is their way, they are trying to hide shit from you. Silly grit bound minds don’t realize you can see everything from within the Eternal Now. They have yet to grasp that what they perceive as this Matterium, filled with ‘matter’, is but a hardening of our previous (past) internal states of being.

WAR happens in the Matterium.

Contention occurs within this Eternal Now where Consciousness shapes the manifesting event-stream.

YOU know this to be fact. You are a co-creator.

Contention with Aliens is happening in this instant in this Eternal Now.

Officialdom ain’t doing shit. They are still stuck in trying to move matter around to affect unfolding circumstances. That’s redoing the mirror trying to affect the reflection. Dumb fucks….

It’s up to US. To the New Humans. Those of us who live in this Eternal Now. Those of us who see that our body’s Lives (the Chain that cannot be broken) are expressions of the Ontology revealing itself to itself. It’s up to us guys.

We are not an Army. That’s a concept from the past, from before the emergence of the New Humans. We are a Force. A self-organizing collective with leadership resident in each, and every participant.

We are the New Human Force. By the time officialdom starts to speak about the Aliens in near-factual terms, we will already be engaging them in this Eternal Now.

By the time officialdom begins to move matter around (space ships & such) thinking it’s War, we will already be suffering casualties in this Eternal Now. That part is inevitable. It’s how we learn.

By the time officialdom realizes that some shit is going on in places and ways beyond its conception, we will already be pushing our dominance onto our partners in this First Contention, the Aliens. Nage cannot train without Uke.

Just as officialdom is scrambling to research the Ontology, this Eternal Now, and the event-stream, we will be settling terms with our new partners, the Aliens.

Come, join with us. It’s going to be a hellacious Contention.

We ARE the NEW HUMANS!

Together we are the Force that cannot be defeated.

Start YOUR training in this instance of this Eternal NOW.

Consume Neville Goddard videos as though all of human existence depended on YOUR mind and YOUR active, effective, imaginings!

It’s not a question of Mind over Matter as there is only Mind and it cares not for Matter. That’s residue.

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XLM: GDMJF2OCHN3NNNX4T4F6POPBTXK23GTNSNQWUMIVKESTHMQM7XDYAIZT
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The Great Onboarding: US Government Anchors Global Economy into Web3 via Pyth Network

For years, the crypto world speculated that the next major cycle would be driven by institutional adoption, with Wall Street finally legitimizing Bitcoin through vehicles like ETFs. While that prediction has indeed materialized, a recent development signifies a far more profound integration of Web3 into the global economic fabric, moving beyond mere financial products to the very infrastructure of data itself. The U.S. government has taken a monumental step, cementing Web3's role as a foundational layer for modern data distribution. This door, once opened, is poised to remain so indefinitely.

The U.S. Department of Commerce has officially partnered with leading blockchain oracle providers, Pyth Network and Chainlink, to distribute critical official economic data directly on-chain. This initiative marks a historic shift, bringing immutable, transparent, and auditable data from the federal government itself onto decentralized networks. This is not just a technological upgrade; it's a strategic move to enhance data accuracy, transparency, and accessibility for a global audience.

Specifically, Pyth Network has been selected to publish Gross Domestic Product (GDP) data, starting with quarterly releases going back five years, with plans to expand to a broader range of economic datasets. Chainlink, the other key partner, will provide data feeds from the Bureau of Economic Analysis (BEA), including Real Gross Domestic Product (GDP) and the Personal Consumption Expenditures (PCE) Price Index. This crucial economic information will be made available across a multitude of blockchain networks, including major ecosystems like Ethereum, Avalanche, Base, Bitcoin, Solana, Tron, Stellar, Arbitrum One, Polygon PoS, and Optimism.

This development is closer to science fiction than traditional finance. The same oracle network, Pyth, that secures data for over 350 decentralized applications (dApps) across more than 50 blockchains, processing over $2.5 trillion in total trading volume through its oracles, is now the system of record for the United States' core economic indicators. Pyth's extensive infrastructure, spanning over 107 blockchains and supporting more than 600 applications, positions it as a trusted source for on-chain data. This is not about speculative assets; it's about leveraging proven, robust technology for critical public services.

The significance of this collaboration cannot be overstated. By bringing official statistics on-chain, the U.S. government is embracing cryptographic verifiability and immutable publication, setting a new precedent for how governments interact with decentralized technology. This initiative aligns with broader transparency goals and is supported by Secretary of Commerce Howard Lutnick, positioning the U.S. as a world leader in finance and blockchain innovation. The decision by a federal entity to trust decentralized oracles with sensitive economic data underscores the growing institutional confidence in these networks.

This is the cycle of the great onboarding. The distinction between "Web2" and "Web3" is rapidly becoming obsolete. When government data, institutional flows, and grassroots builders all operate on the same decentralized rails, we are simply talking about the internet—a new iteration, yes, but the internet nonetheless: an immutable internet where data is not only published but also verified and distributed in real-time.

Pyth Network stands as tangible proof that this technology serves a vital purpose. It demonstrates that the industry has moved beyond abstract "crypto tech" to offering solutions that address real-world needs and are now actively sought after and understood by traditional entities. Most importantly, it proves that Web3 is no longer seeking permission; it has received the highest validation a system can receive—the trust of governments and markets alike.

This is not merely a fleeting trend; it's a crowning moment in global adoption. The U.S. government has just validated what many in the Web3 space have been building towards for years: that Web3 is not a sideshow, but a foundational layer for the future. The current cycle will be remembered as the moment the world definitively crossed this threshold, marking the last great opportunity to truly say, "we were early."

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XRP: r9pid4yrQgs6XSFWhMZ8NkxW3gkydWNyQX
XLM: GDMJF2OCHN3NNNX4T4F6POPBTXK23GTNSNQWUMIVKESTHMQM7XDYAIZT
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US Dept of Commerce to publish GDP data on blockchain

On Tuesday during a televised White House cabinet meeting, Commerce Secretary Howard Lutnick announced the intention to publish GDP statistics on blockchains. Today Chainlink and Pyth said they were selected as the decentralized oracles to distribute the data.

Lutnick said, “The Department of Commerce is going to start issuing its statistics on the blockchain because you are the crypto President. And we are going to put out GDP on the blockchain, so people can use the blockchain for data distribution. And then we’re going to make that available to the entire government. So, all of you can do it. We’re just ironing out all the details.”

The data includes Real GDP and the PCE Price Index, which reflects changes in the prices of domestic consumer goods and services. The statistics are released monthly and quarterly. The biggest initial use will likely be by on-chain prediction markets. But as more data comes online, such as broader inflation data or interest rates from the Federal Reserve, it could be used to automate various financial instruments. Apart from using the data in smart contracts, sources of tamperproof data 👉will become increasingly important for generative AI.

While it would be possible to procure the data from third parties, it is always ideal to get it from the source to ensure its accuracy. Getting data directly from government sources makes it tamperproof, provided the original data feed has not been manipulated before it reaches the oracle.

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If you find value in my content, consider showing your support via:

💳 PayPal: 
1) Simply scan the QR code below 📲
2) or visit https://www.paypal.me/thedinarian

🔗 Crypto
XRP: r9pid4yrQgs6XSFWhMZ8NkxW3gkydWNyQX
XLM: GDMJF2OCHN3NNNX4T4F6POPBTXK23GTNSNQWUMIVKESTHMQM7XDYAIZT
XDC: xdcc2C02203C4f91375889d7AfADB09E207Edf809A6

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