#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 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 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. He believes there is still work to be done in regulating altcoins and intermediaries in the crypto market. Gensler will step down as Chairman of the SEC on January 20, and his remarks suggest that the SEC's regulatory efforts in the cryptocurrency industry will not weaken, and it will continue to crack down on bad actors and strengthen regulation of the crypto market.