#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, with a large number of pump-and-dump scams and other issues. Gensler also emphasized that he has made some progress in the area of cryptocurrency regulation since taking 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’s remarks indicate that the SEC has serious concerns about the crypto market and believes that the space needs stricter regulation. He believes that the crypto market is rife with bad actors and that regulators need to take more steps to protect investors and ensure that the market is fair and transparent. Gensler’s remarks also reflect the challenges currently facing the crypto market, including high market volatility, high regulatory uncertainty, and frequent fraudulent activities.