SEC Chairman Makes His Final Joke: Most of the Cryptocurrencies Will Disappear for This Reason - Coin Bulletin

Gary Gensler, the former chairman of the SEC, expressed his pride in the work done to address the inconsistencies in the crypto sector and stated that there are still important tasks to be completed.

Gary Gensler, Chairman of the US Securities and Exchange Commission (SEC), expressed pride in the agency's work in the cryptocurrency space and noted that there is still work to be done in an interview with Bloomberg TV shortly before the end of his term.

Gensler reiterated that the crypto currency sector is filled with many "bad actors," referring to the work of former SEC Chairman Jay Clayton.

Gensler emphasized that the agency has adopted an approach built on the foundations of previous chairmen in response to questions about high-profile crypto cases at the SEC.

This is a space built on incongruity, and we have achieved significant things by building on what President Clayton and others have done before.

SEC's cryptocurrency sanctions

Gensler stated that during his tenure, the SEC has issued approximately 100 sanctions in the crypto field, accounting for 5% of the SEC's total sanctions.

During his tenure, Gensler maintained a tense relationship with the cryptocurrency industry. He argued that most cryptocurrencies should be classified as securities and that crypto companies should register with the SEC.

Former SEC Chairman Jay Clayton, during his tenure managing the agency between 2017-2020, handled major cases such as Kik and Ripple during the ICO boom in 2017 and 2018. Clayton was later appointed to the position of the Southern District of New York prosecutor.

Gensler stated that he divided the crypto markets into "Bitcoin and everything else" and said that the markets mostly act based on fundamental factors and emotion.

I've been involved in financial markets for over four decades, but I have never seen such an emotional and detached from fundamental elements area. The vast majority of the tens of thousands of projects in this sector will disappear due to this emotional and illogical atmosphere.