Gensler: "I've never seen a field as emotionally driven as virtual assets"

Gary Gensler, the outgoing chairman of the U.S. Securities and Exchange Commission (SEC), stated in an interview with Bloomberg on the 10th (local time) that "I've never seen a field as emotionally driven as virtual assets (cryptocurrency)."

On this day, Gensler said, "I have worked in the financial sector for over 40 years. In the market, trading always involves a mix of fundamentals and psychological factors," he said.

He criticized, "There are currently over 10,000 (virtual asset) projects. However, many of them will not survive," adding, "Among them, there are quite a few cases like 'pump and dump' scams."

He continued, "Investors lost hundreds of billions of dollars due to Sam Bankman-Fried and Kwon Do-hyung," adding, "The SEC's purpose is to protect investors. In that regard, we believe we have done a good job."