TechFlow news — Outgoing U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler said in a media interview on Wednesday that the cryptocurrency sector is filled with "bad actors" and remains a largely "non-compliant" area, where market sentiment exerts far more influence than fundamentals. Gensler emphasized that while Bitcoin accounts for 60% to 80% of the crypto market value, the remaining 10,000 to 15,000 cryptocurrency projects have also raised funds from the public, with many failing to survive and numerous instances of "pump-and-dump" schemes and other issues.
Gensler noted that since taking office, he has achieved some progress in cryptocurrency regulation, continuing the work of his predecessor Jay Clayton. Over the past four years, the SEC has brought approximately 100 enforcement actions related to cryptocurrencies, accounting for about 5% of its total enforcement efforts. He expressed pride in the SEC's regulatory work in the crypto space but acknowledged that much more remains to be done.
