SEC Chairman Gary GenslerIt is a well-known fact that cryptocurrencies do not have a good relationship. Gensler himself does not hesitate to express his opinion, both with his moves and his explanations. Speaking at a Twitter Spaces session held by the US Army late Wednesday, Gensler remained abstinent.
Gensler has described the crypto industry as the “wild west.” The SEC Chairman warned traders and companies to be careful. Because most crypto- does not currently operate in accordance with the law.
“Many of these again do not comply with securities laws, but they must.
Gensler made the following comment, further detailing why most tokens will fail.
“Most tokens with an average number of 15,000 will fail. This is because venture capital fails, startups fail, and at the same time, history tells us there isn’t much room for microcurrencies, so we have the US dollar and Europe has the euro and the like.”
Gensler Warns Against FOMO in Cryptocurrencies
Gensler also warned listeners to stay away from the market. He made the following comment by stating that it is quite easy to get “fear of losing”.
“Please don’t get caught up in FOMO. This is highly speculative.”
With asset prices on the rise, the “Altcoin FOMO” is currently making its presence felt in the market. As we have reported as Koinfinans.com, crypto media continues to highlight labels like altcoin season has begun.
Historically, whenever asset prices rise, the masses try to FOMO. As a result, a hill often forms and derailment occurs. After that, circumstances only turn around when the crowd begins to doubt.
crypto market It has lost a lot of value in the past year. While the total market cap was over $3 trillion, that figure has now fallen to $890 billion. However, a moderate recovery of 4.1% was recorded in the past day as the prices of many of the best assets soared.