Coinbase objects to SEC's $2.6 billion budget request for fiscal year 2025

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Cointime2024/06/14 01:25

By:Cointime

Coinbase has opposed the US Securities and Exchange Commission (SEC) request for a budget of $2.6 billion for the 2025 fiscal year. In a statement, Coinbase representatives expressed that the SEC is once again requesting more funds for enforcement and regulation, but its large budget has not been used for actual cryptocurrency rule-making, which could actually promote regulatory clarity.

Of the SEC's multi-billion dollar budget request, $812.4 million is allocated to enforcement, up from $675.6 million in 2024. SEC Chairman Gary Gensler stated that the budget will increase the number of full-time positions in the SEC's enforcement division by 27, to a total of 1,447. This expansion will enable the regulatory agency to "investigate wrongdoing on a larger scale" and bring more complex lawsuits.

Coinbase has repeatedly urged the SEC to reduce its enforcement approach and develop workable regulations, including through rule-making petitions and attempting to compel responses in court.

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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