#SEC Chair: Crypto Markets Are Filled With Bad Actors#

Gary Gensler, Chairman of the U.S. Securities and Exchange Commission (SEC), 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, besides Bitcoin, there are thousands of crypto projects that raise funds from the public, many of which ultimately fail, with a large number of pump-and-dump scams and other issues. Gensler emphasized that the SEC has made some progress in the area of cryptocurrency regulation since he took office, continuing 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 also said that there is still work to be done in regulating altcoins and intermediaries in the crypto market. Although Gensler will step down as SEC Chairman on January 20, his remarks suggest that the SEC will continue to closely regulate the cryptocurrency market and crack down on bad actors.