SEC Chair Highlights Compliance Issues In Crypto Sector

According to Foresight News, SEC Chair Gary Gensler recently stated in an interview that the cryptocurrency sector is rife with 'bad actors' and is largely 'non-compliant.' He emphasized that market sentiment significantly influences the sector more than fundamentals. While Bitcoin accounts for 60% to 80% of the cryptocurrency market value, the remaining 10,000 to 15,000 crypto projects also raise funds from the public, with many failing to survive and being plagued by pump-and-dump schemes and other issues. Gensler noted that since taking office, he has made some progress in cryptocurrency regulation, continuing the efforts of his predecessor, Jay Clayton. Over the past four years, the SEC has initiated approximately 100 enforcement actions in the crypto sector, representing 5% of its enforcement activities. Foresight News also reported that Gary Gensler is set to step down as SEC Chair on January 20.