Gary Gensler, chairman of the US Securities and Exchange Commission, emphasized the potential risks and pitfalls of investing in cryptocurrency in a recent statement. He warned potential investors that many providers of cryptocurrency investment services may not be compliant with applicable laws, including federal securities laws, leaving investors vulnerable to a lack of critical information and other important protections. Additionally, Gensler highlighted the extreme volatility and high risks associated with cryptocurrency investments, with many major platforms and assets having collapsed or lost value, leaving investors at risk. Furthermore, he pointed out the prevalence of fraud and scams in the cryptocurrency space, such as fake token offerings, Ponzi schemes, pyramid schemes, and outright theft by project founders, highlighting the need for caution and diligence when considering investing in cryptocurrency assets.