Crypto critic Gary Gensler warns crypto investors about 'FOMO'

The head of the U.S. financial regulator SEC, Gary Gensler, is once again going after crypto investments and warns about FOMO.

The head of the U.S. financial regulator SEC, Gary Gensler, is once again going after crypto investments and warning about FOMO.

In a View post on X the SEC chief Gary Gensler again warned crypto investors against investing in the sector. In that, the chair of the U.S. financial regulator called cryptocurrencies a "very speculative, and volatile asset class" and said most cryptos don’t meet existing securities laws.

Moreover, the crypto industry, in his view, is a "wild west." A large share of the 10,000-15,000 tokens would fail, Gensler said. He advised crypto investors, who recently, after a long wait, saw price jumps again, not to fall into "FOMO," i.e., the "Fear of missing out".

Gensler reiterates his hard line against crypto companies and projects. Possibly he wants to shield himself from further criticism by the U.S. Senate with his latest warnings. It was noted that he had not adequately protected investors against the big crypto collapses of the past year.