With just days left until his exit from the US Securities and Exchange Commission (SEC), Chairman Gary Gensler once again took aim at the cryptocurrency industry, He argues It is "full" of bad actors.

Gensler pointed to the fact that the public knows a lot about Bitcoin, which represents 80% of the market capitalization.

However, there are also thousands of projects that lack the basics, according to the SEC chief.

"And then there's everything else... these 10,000 or 15,000 projects... I've never seen a field so wrapped up in emotions and not fundamentals," he said.

Gensler predicted that many of them would not survive, and compared them to venture capital investments. He also added that there is a fair amount of "pump and dump schemes."

Crypto campaign defense

Speaking about his upcoming departure, Genser said it was a "great honor" to serve as Chairman of the Securities and Exchange Commission.

“What's remarkable about this role is that he oversees the $120 trillion capital market, which touches everything in our economy,” he said.

Although Gensler's legal battles with cryptocurrency attracted the most headlines, he stressed that they were an insignificant part of the SEC's activities.

“This is probably about 5% of what we do in our law enforcement,” he stressed.

Gensler confirmed that his predecessor, Jay Clayton, also filed 80 enforcement actions related to cryptocurrencies in this area.