#SEC Chair: Crypto Markets Are Filled With Bad Actors#
Hot Topic Overview
Overview
U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler recently said 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 noted that while Bitcoin accounts for 60% to 80% of the cryptocurrency market value, the remaining 10,000 to 15,000 crypto projects also raise money from the public, many of which ultimately fail, with a significant number of pump-and-dump schemes and other issues. Gensler emphasized that there is still work to be done in regulating altcoins and intermediaries in the crypto market, and said that he has made some progress in the area of crypto regulation since taking office, continuing the work of his predecessor, Jay Clayton. Over the past four years, the SEC has launched approximately 100 enforcement actions against the cryptocurrency space, accounting for 5% of its enforcement work.
Ace Hot Topic Analysis
Analysis
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 significant number of pump-and-dump schemes and other issues. Gensler believes that the lack of regulation in the crypto market makes investors vulnerable to fraud and manipulation. He emphasized that the SEC has already launched about 100 enforcement actions against the cryptocurrency space, accounting for 5% of its enforcement work, and said there is still work to be done in regulating altcoins and intermediaries in the crypto market. Gensler’s remarks have once again raised concerns about cryptocurrency regulation and have shown the SEC’s distrust of the crypto market.
Public Sentiment · Discussion Word Cloud
Public Sentiment
Discussion Word Cloud
Classic Views
The cryptocurrency space is rife with bad actors, with numerous pump-and-dump schemes and other issues.
Cryptocurrency market sentiment has a far greater impact on it than fundamentals.
The cryptocurrency market is a "wild west" space.
The SEC has made some progress in the cryptocurrency regulatory space, continuing the work of former Chairman Jay Clayton.