#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 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 there are a lot of bad actors in the crypto market and that increased regulation is needed, especially for altcoins and intermediaries. He 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 will step down as Chairman of the SEC on January 20.