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

U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler 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, 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 once again demonstrate the SEC's concerns about the cryptocurrency market and highlight the need for regulation. He believes that there are a large number of bad actors in the crypto market and that increased regulation is needed to protect investor interests. Gensler's remarks have also sparked industry discussions about the future of cryptocurrency regulation, with market participants generally believing that future cryptocurrency regulation will be stricter and could have a significant impact on industry development.