Coinbase, ASA Oppose SEC's $2.6B Funding Request, Citing Lack of Regulatory Clarity

IconCryptoNewsTerminal Staff14 Jun, 2024

cryptonews.jpg

Coinbase, ASA Oppose SEC's $2.6B Funding Request, Citing Lack of Regulatory Clarity

Coinbase, one of the world's largest cryptocurrency exchanges, has voiced its opposition to a $2.6 billion budget request made to Congress by SEC Chairman Gary Gensler earlier this year. Coinbase has argued that "the SEC continues to request more funding for enforcement actions, while failing to dedicate the proper resources to providing much-needed regulatory clarity for crypto." Separately, the American Securities Association (ASA) has also sent a letter to the Senate, requesting that the SEC be given less funding than originally proposed. The group argues that the SEC's budget for fiscal year 2025 should be capped at $2 billion, in line with what the House Appropriations Committee has proposed. The SEC's budget request has been met with criticism from both Coinbase and the ASA, who argue that the SEC has not done enough to provide clear and concise regulatory guidance for the cryptocurrency industry. The SEC has been criticized for its slow pace in approving cryptocurrency-related ETFs and for its enforcement actions against cryptocurrency companies.

Related News