🫣 In an interview, Gary Gensler stated that under his leadership, over the past four years, the SEC has filed about 100 lawsuits against companies violating securities laws.
📢 "I have worked in finance for more than four decades, and I can say that trading in markets is based on fundamental factors and sentiments. However, I have never seen a field that is so heavily dependent on traders' sentiments. Many of these 10,000-15,000 crypto projects will not survive. It's like venture capital," Gensler said.
Gensler noted that the public knows a lot about Bitcoin, which, depending on its market value, accounts for two-thirds to 80% of the cryptocurrency market capitalization.
According to him, between 10,000 and 15,000 crypto projects are raising money from the public. Many of them are merely speculative investments, offering hope for a better future.
Gensler is set to step down as SEC chair on January 20. Paul Atkins will take his position. Atkins is expected to apply a softer approach to industry regulation.