US Exchange Authority Todong Budget IDR 40.9 Trillion to Supervise Crypto Market in 2025

Liputan6.com, Jakarta – The United States Securities and Exchange Commission (SEC) submitted a budget request of USD 2.594 billion, or the equivalent of IDR 40.9 trillion (exchange rate of IDR 15,780 per US dollar) for the 2025 fiscal year to supervise the crypto market.

In the Congressional Budget Justification or 2024 budget requirements document, the US Exchange requested an additional USD 158 million or the equivalent of IDR 2.5 trillion from this year's budget of USD 2.446 billion.

SEC Chairman Gary Gensler believes that technology is rapidly changing the crypto market and business models. The additional budget was proposed to address significant growth and changes in the crypto market.

“There has been a dynamic change in communication to and between investors, from Reddit forums to celebrity influencers,” Gensler said, citing the website cointelegraphMonday (25/3/2024).

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“Furthermore, we have seen the crypto market in Wild West territory, rife with non-compliance, where investors have put their hard-earned assets at risk in highly speculative asset classes,” he said.

Gensler said the change meant the potential for creating various errors. So the SEC as the police who handles this case must be able to deal with criminals.

Part of the additional budget is needed to increase staff in all divisions. The SEC set a target of 5,621 positions in 2025, up from a 2024 target of 5,473 positions.

Compliance Level

Meanwhile, the SEC Examinations Division (EXAMS), which checks compliance levels, will fund 23 more positions to strengthen capabilities in addressing critical and evolving risks, including crypto assets and new financial technologies.

Meanwhile, the Office of Investor Education and Advocacy (OIEA), which deals with retail investors, requested one more position that would focus, especially on handling inquiries and complaints related to fraud involving crypto asset securities.

The SEC's Office of General Counsel (OGC), which commands its army of attorneys, needs two more positions. The first position is to assist with the continued increase in civil and administrative litigation filed against the commission. Meanwhile, others are to support violation reporting (whistleblowing) which has increased significantly in volume.

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