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Rife with fraud, scams, and abuse.

Our goal at the SEC is to bring the field into compliance within the Securities Law where these tokens--and not prejudging any one of them--where they are securities.

We are a disclosure-based regime, and so when the investing public is anticipating profits based on the efforts of others, it is best that those others, you know, give full, fair, and truthful disclosure.

The investing public, not just here in this country, but around the globe, has taken an interest in these crypto assets.

I really, I want to thank this Committee for the approval last week of the funding the SEC at the levels that you just mentioned.

The SEC now, though, is just about 3 percent larger than it was 7 years ago, in 2016, in terms of headcount.

Thus, I just want to--the testimony that I submitted for the record is the full President's budget request.

Well, what do you say to the person who has to defend themselves in one of these messaging cases? Do you apologize? Do you thank them?

I am concerned that the SEC has moved well beyond its role as a market regulator, and is seeking to make policies that are both beyond its authority and destructive to our economy.

I think that we have robust authorities at the SEC.

The investing public, not just here in this country, but around the globe, has taken an interest in these crypto assets.

Well, what do you say to the person who has to defend themselves in one of these messaging cases? Do you apologize? Do you thank them?

There is this tremendous amount of bad actors in the field as well, a lot of them offshore preying upon U.S. investors.

The whole field has hurt more Americans than it should.

If this committee were to see fit, and want us to have more resources, we could use them.

Our goal at the SEC is to bring the field into compliance within the Securities Law where these tokens--and not prejudging any one of them--where they are securities.

It is a field that is rife with fraud, scams, and abuse, and there are a lot of actors in this field that are international, offshore, but they are still tapping on the American public's wish for a better future.

We are a disclosure-based regime, and so when the investing public is anticipating profits based on the efforts of others, it is best that those others, you know, give full, fair, and truthful disclosure.