Foresight News reports that Gary Gensler, the Chairman of the U.S. Securities and Exchange Commission (SEC), stated in a recent interview that the cryptocurrency space is filled with "bad actors" and is a "non-compliant" area, where market sentiment affects it far more than fundamentals. "While Bitcoin accounts for 60% to 80% of the cryptocurrency market value, the remaining 10,000 to 15,000 crypto projects have also raised funds from the public, many of which ultimately fail, leading to numerous pump-and-dump schemes and other issues." In addition, Gary Gensler mentioned that since taking office, he has achieved some results in the regulation of cryptocurrencies and has continued the work of his predecessor, Jay Clayton. Over the past four years, the SEC has initiated approximately 100 enforcement actions in the cryptocurrency sector, accounting for 5% of its enforcement work.
Foresight News notes that Gary Gensler will step down as Chairman of the SEC on January 20.