0 sats \ 1 reply \ @grayruby 24 Sep \ parent \ on: Multiple SEC Commissioners Come Out Swinging Against Chair Gensler to his Face bitcoin
I think he doesn't have the manpower or finances to challenge tens of thousands of projects so the best he is hoping to do is to slow the industry down. Personally I say let idiots get wrecked and this fake industry will just die but if you are supposed to be trying to protect investors letting them all get defrauded and scammed is probably not good for your career.
So he has gotten huge funding boosts since 2021 specifically for hiring. In 2022 for instance they received $210 million to hire which at the time took their budget to almost $2 billion.
The numbers though that they are giving us in the House as awful when you look at return on investment. Last year with a $193 million boost to $2.4 billion they added a whopping 83 people. The agency has THREE headquarters in Washington, DC alone and spent 5% of their 2023 budget on offices. These offices esp in DC are huge and workers are still hybrid and even Gensler has said they don’t have the level of occupancy required by law to have these buildings used.
EDIT:
I did stumble across that when he testified before the Senate in 2023 he asked for $39.6 million “on buildout and move related costs for the replacement lease of our Atlanta office”. They are almost moving to vacate one of their DC HQ’s the building was 210,000 ft and was costing $14 mil a year.
In 2019 as well it turns out Congress gave them $200 million extra which idk where it went but based off his management not into people as the staff only grew 3% since 2019.
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