#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 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 funds from the public, with many ultimately failing and a significant number of pump-and-dump schemes and other issues. Gensler also said that he has made some progress in the area of cryptocurrency regulation since taking office and has continued 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 comments indicate that the SEC is taking a tough stance against bad actors in the crypto market and highlight the importance of regulating crypto market altcoins and intermediaries. He believes that the crypto market needs stricter regulation to protect investor interests and prevent fraud.