Gary Gensler is the chairperson of the United States Securities and Exchange Commission (or SEC). He raised concerns about the enforcement of cryptocurrency in the Commission’s budget request for the next fiscal.

Gensler gave written testimony at the Wednesday hearing of U.S. House Committee on Appropriations. he supported President Joe Biden’s request to budget more than $2.1 billion for the SEC in FY2023, allowing the regulatory body to increase its enforcement division by 50 people. The SEC chair cited concerns about the crypto space, referring to markets as “highly volatile and speculative” as well as the need for “new tools and expertise” to address enforcement.