Gary Gensler's farewell words: The cryptocurrency field is full of "unscrupulous practitioners", proud of the SEC's regulatory work in the cryptocurrency field
According to the outgoing chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, who spoke in a media interview on Wednesday, the field of cryptocurrency is full of "bad actors" and is an "unregulated" area where market sentiment far outweighs fundamentals.
Gensler emphasized that while Bitcoin accounts for 60% to 80% of the cryptocurrency market value, there are also between 10,000 and 15,000 other cryptocurrency projects raising funds from the public. Many projects ultimately cannot survive and there are numerous "pump-and-dump" scams among other issues.
Gensler mentioned that since taking office he has made some achievements in regulating cryptocurrencies, continuing the work of his predecessor Jay Clayton. Over the past four years, SEC has initiated about 100 enforcement actions against cryptocurrencies which account for 5% of its enforcement work. He takes pride in SEC's regulatory efforts in this field but believes much more needs to be done.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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