The US Securities and Exchange Commission (SEC) proposed increasing staffing levels and funding in order to sustain supervision over the financial industry’s usage of cryptocurrencycurrency assets and artificial intelligence (AI).
The SEC stated, “In its role, the SEC must be ready to act against those who want to be on the wrong side of the law,” adding that one of its aims is to strengthen investor education materials on cryptocurrencycurrency fraud. The allotment is consistent with the SEC’s efforts, as seen by recent enforcement actions against big exchanges Coinbase, Binance, and Kraken.
The SC’s fiscal year budget plan for 2025 includes for the recruitment of 33 more board members to the enforcement division and 23 more team members to the examinations division. The agency quickly addressed any potential misconduct and attributed the need for faster regulation to the Wild West market’s unique characteristics.
The SEC must improve and expand its supervisory skills while also thoroughly monitoring other areas, such as cryptocurrencycurrency. These fund merger investments are the outcome of the advancement of artificial intelligence (AI) and the changing nature of investor communication via platforms such as Reddit forums.
In addition to the government reserve, there is the Commodity Futures Trading Commission (CFTC) and the Kinsley Department. To counter the threat posed by digital assets and cutting-edge technologies within its authority, the Federal Reserve is asking budget increases.
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