#SEC Chair: Crypto Market Filled with Bad Actors#

Gary Gensler, Chair of the U.S. Securities and Exchange Commission (SEC), recently said in an interview that the cryptocurrency space is rife with "bad actors" and is a "non-compliant" area where market sentiment has a far greater impact than fundamentals. He pointed out that while Bitcoin accounts for 60% to 80% of the cryptocurrency market value, the remaining 10,000 to 15,000 crypto projects also raise funds from the public, with many ultimately failing and a significant number of pump-and-dump schemes and other issues. Gensler also emphasized that there is still work to be done in regulating altcoins and intermediaries in the crypto market. He said that he has made some progress in the area of crypto regulation since taking office and has continued the work of his predecessor, Jay Clayton. Over the past four years, the SEC has launched about 100 enforcement actions against the cryptocurrency space, accounting for 5% of its enforcement work. Gensler's remarks have once again raised concerns about cryptocurrency regulation and have shown the SEC's distrust and concerns about the crypto market.