#SEC Chair: Crypto Markets Are Filled With Bad Actors#

Gary Gensler, Chair of the U.S. Securities and Exchange Commission (SEC), recently stated 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, with many ultimately failing and a significant number of pump-and-dump schemes and other issues. Gensler believes that the crypto market is rife with fraud and manipulation, and that regulators need to take steps to protect investors. He highlighted that the SEC has initiated approximately 100 enforcement actions against the cryptocurrency space over the past four years, accounting for 5% of its enforcement work, and stated that there is still work to be done in regulating altcoins and intermediaries in the crypto market. Gensler's remarks suggest that the SEC's regulatory stance on the cryptocurrency market will continue to be tough, and that it may take further steps to crack down on fraud and manipulation.