President Joe Biden’s budget request for the Securities and Exchange Commission is inadequate, advocates for financial-market oversight say, given the nation’s top financial regulator must oversee a record pace of companies going public this year, implement an ambitious agenda of new rulemaking and further regulate cryptocurrencies and special purpose acquisition companies.

Biden’s overall fiscal 2022 budget proposal calls for roughly $6 trillion in spending, a 35% increase from pre-pandemic, 2019 spending of $4.4 trillion, but requests only a 5% increase from the 2021 fiscal-year request for the Securities and Exchange Commission — below the average budget increase over the past 25 years.

Advocates for financial reform say that the nearly $2 billion budget request is unnecessarily miserly, given an overall willingness to spend more, and the fact that the SEC is self-funded by industry fees and nearly always sends…

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