SEC Chairman Gary Gensler, ahead of his retirement, once again accused the cryptocurrency industry of being rife with bad players.
Gensler pointed to the fact that the public is familiar with #bitcoin , which accounts for 80 percent of its market value.
However, according to the SEC commissioner, there are thousands of projects that lack fundamentals.
"And then there are others: ........ These 10,000 or 15,000 projects - ........ I've never seen a sector that has been so obsessed with sentiment without much connection to fundamentals, he said.
Gensler predicted that many of them will not survive, comparing them to venture capital investments.
Gensler said his own retirement was said to be inevitable, saying it was a "great privilege" to be head of the SEC. Gensler said the SEC's role is notable because it oversees a $120 trillion capital market spanning all sectors of the economy.
Gensler's court battle over #cryptocurrencies has gotten most of the attention, but he plays a minor role in the SEC.
"It will be about 5% of enforcement activity, he emphasized.
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