#SEC Chair: Crypto Market Filled with Bad Actors#

U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler recently said in an interview that the cryptocurrency space is full of "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, many of which ultimately fail to survive, with a large number of pump-and-dump scams and other issues. Gensler also said that he has made some progress in the area of cryptocurrency 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 believes there is still work to be done in regulating altcoins and intermediaries in the crypto market. He will step down as SEC Chair on January 20.