The outgoing Chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, stated in a media interview on Wednesday that the cryptocurrency space is filled with &#34;bad actors.&#34;
Gensler had previously likened the world of cryptocurrency to the &#34;Wild West.&#34; In an interview with Bloomberg Television, he mentioned that he believes he has achieved some results in the area of cryptocurrency regulation since taking office, building on the foundation laid by his predecessor, Jay Clayton. He stated that the cryptocurrency space is filled with &#34;bad actors.&#34;
<blockquote>
This sector accounts for less than 1% of the overall financial market. At that time, Jay worked hard to address these issues, initiating 80 enforcement actions in this area. We have initiated about 100 in the past four years. This is a continuation of efforts. This accounts for about 5% of our enforcement work. In other words, unfortunately, 95% involves other issues, such as fraud and scams. But the situation is particularly severe in the cryptocurrency space.
</blockquote>
Gensler noted that while Bitcoin accounts for 60% to 80% of the cryptocurrency market value, the remaining 10,000 to 15,000 cryptocurrencies have also raised funds from the public. He stated that market trading is always a mix of fundamental and market sentiment influences.
<blockquote>
But I have never seen a field like cryptocurrency where the emotional component far exceeds the fundamentals. Among these 10,000 to 15,000 projects, many will ultimately fail to survive. They are like venture capital projects; not all will survive.
However, there are also a considerable number of small &#34;pump and dump&#34; scams and other issues. These scams have become notorious, resulting in investors losing billions of dollars.
</blockquote>
Gensler further stated that cryptocurrency is a field built on a foundation of &#34;non-compliance,&#34; saying, &#34;I am proud of what we have done. These efforts are built on the groundwork laid by former Chairman Clayton and others. I believe there is still much work to be done.&#34;

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Gary Gensler, Chairman of the U.S. Securities and Exchange Commission, stated that cryptocurrency is a field built on a foundation of "non-compliance," and the influence of market sentiment far exceeds the fundamentals, with most cryptocurrency projects ultimately unable to survive

- Gary Gensler, the outgoing SEC chairman, stated that the cryptocurrency sector is rife with "bad actors" during a media interview.  
- He highlighted that while the cryptocurrency market constitutes less than 1% of the overall financial market, enforcement actions have increased from 80 under his predecessor to about 100 during his tenure, with 95% of enforcement efforts focused on other issues like fraud.  
- Gensler emphasized that the cryptocurrency market, heavily influenced by market sentiment, is unsustainable for many of its 10,000 to 15,000 projects, leading to significant investor losses due to scams.

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U.S. SEC Chairman's Farewell Message: The Cryptocurrency Field is Full of "Bad Actors"