SEC Chairman warns of possible collapse of the cryptocurrency market

According to Gary Gensler, chairman of the Securities and Exchange Commission (SEC), the cryptocurrency market can be regulated using the existing securities legislation.

The SEC chairman predicts that many crypto-related projects will soon collapse: «The collapse of digital currencies will deal a devastating blow to investors, and the authorities need to tighten control over the industry to protect its participants. Traders should be prepared to lose money at any time if they decide to buy cryptocurrencies.»

The fall of cryptocurrencies to zero is a realistic scenario, the official said. «I think that most tokens will fall. I am afraid that many people will suffer because of this. Companies should register, and we will be the police and take the necessary measures.»