#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 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 believes that there are a lot of bad actors in the crypto market and that regulation needs to be strengthened, especially for altcoins and intermediaries. He emphasized that the SEC has made some progress in crypto regulation since he took office and has continued the work of his predecessor, Jay Clayton, with the SEC launching about 100 enforcement actions against the crypto space in the past four years, accounting for 5% of its enforcement work. Gensler will step down as SEC Chair on January 20, and his remarks suggest that the SEC will continue to strengthen its oversight of the crypto market in the future to protect investor interests.