Speaking in a Twitter space session hosted by the US Army late Wednesday, SEC Chair Gary Gensler said that the crypto industry is the “wild west,” reports Watcher Guru.

The SEC Chair asked traders and companies to exercise caution because most cryptos are currently “non-compliant” and aren’t adhering to the law. He commented:

Most of these, again, are not complying with the securities laws, but they should be.

Further elaborating on why most tokens will fail, Gensler said:

Most of these 10 or 15,000 tokens will fail. That’s because venture capital fails, new startups fail, but also because history tells us that there’s not much room for micro currencies, meaning, you know, we have the US dollar and Europe has the euro and the like.