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Gary Gensler, chairman of the U.S. Securities and Exchange Commission, gave a stinging indictment of crypto in congressional testimony this week, proclaiming, "I've been around in finance for 44 years now, I guess, and I've never seen a field that's so rife with misconduct – it's just daunting."

In the wake of FTX's dramatic flameout, Gensler warned lawmakers with the Senate Banking Committee on Tuesday that he doesn't think the agency, considered to be the top watchdog for corporate America, has the necessary staff to prevent abuse, noting that the SEC is about 3 percent larger than it was seven years ago, while the markets have grown 50 to 70 percent in activity and complexity.

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Source Fool.com