Outgoing SEC Chair Gary Gensler expresses concerns about the cryptocurrency market's lack of fundamentals and prevalence of bad actors.
The SEC boss insists that the industry is 'rife' with bad actors during his last days at the agency. With just days left until his exit from the U.S. Sec urities and Exchange Commission ( SEC ), Chair Gary Gensler once again took aim at the cryptocurrency industry. Gensler pointed to the fact that the public knows a lot about Bitcoin, which accounts for 80% of the market value.
'And then there's everything else…These 10,000 or 15,000 projects… I've never seen a field that's so much wrapped up in sentiment and not so much about fundamentals,' he said. Gensler has predicted that many of them will not survive, comparing them to venture capital investments. He also added that there is a fair amount of 'pump-and-dump schemes.' Speaking of his upcoming departure, Gensler said that it was 'a great privilege' to serve as the head of the SEC. 'What's remarkable about this role is it oversees the $120 trillion capital market, which touches everything in our economy,' he said. Even though Gensler's legal fights with the cryptocurrency have attracted most of the headlines, he stressed that it was an insignificant part of the SEC's activities. Gensler stressed that Jay Clayton, his predecessor, also brought 80 cryptocurrency-related enforcement actions in this area
CRYPTOCURRENCY SEC GARY GENSLER FINANCIAL REGULATION INVESTMENT
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Elon Musk reveals SEC 'settlement demand,' mocks agency's outgoing chair Gary GenslerElon Musk has revealed that he received a “settlement demand” from the Gary Gensler-run SEC in connection his Twitter takeover – the latest in a long-running public feud between the billionaire Tes…
Read more »
CFTC Chief Behnam to Step Down on Same Day as SEC Chair GenslerRostin Behnam, the chairman of the U.S. Commodity Futures Trading Commission (CFTC), will resign on January 20, the same day that President-elect Donald Trump takes office. This means that both the CFTC and the Securities and Exchange Commission (SEC) will have new leaders appointed by the incoming administration. Behnam's departure comes after a period of modernization and innovation at the CFTC, where he focused on responsibly engaging new entrants to support market growth. The CFTC is poised to take on a larger role in regulating cryptocurrencies, particularly spot markets.
Read more »
Incoming FCC Chair Criticizes ABC News for Eroding Public TrustBrendan Carr, President-elect Trump's nominee for FCC chair, sent a letter to Disney CEO Bob Iger expressing concern over ABC News's role in diminishing public trust in media. Carr cited polling data and alleged ABC's biased reporting, particularly in relation to Donald Trump, as contributing factors. He also highlighted the importance of retransmission consent revenues for local news stations.
Read more »
Watch: Shane Gillis Criticizes Nick Saban and SEC for Paying Players on GameDayShane Gillis brought more than just picks to the College GameDay set before Notre Dame vs. Indiana on Friday night
Read more »
Lane Kiffin Again Criticizes College Football Playoff Committee, Calls SEC 'Different League'Ole Miss head coach Lane Kiffin continues to question the College Football Playoff selection committee, arguing that the SEC is a different league compared to others. He believes the committee lacks understanding of the SEC's unique challenges and dominance.
Read more »
SEC Commissioner Hester Peirce Calls for Reforms in Crypto Under Trump’s SEC LeadershipCrypto Blog
Read more »