Gary Gensler, the chairman of the U.S. Securities and Exchange Commission (SEC), expressed frustration with journalists' persistent focus on the cryptocurrency market during a recent interview with CNBC.

In the nine-minute interview, Gensler criticized the host, Andrew Ross Sorkin, for asking an "outsized ratio" of crypto-focused questions. He argued that while crypto has garnered significant attention from the media, it represents just a fraction of the broader financial landscape, which includes traditional stocks and bonds with a combined market capitalization of $110 trillion.

Gensler emphasized that, relative to its size, the crypto market accounts for an "outsized piece of the scams, frauds, and problems" in the financial sector. He suggested that journalists' narrow focus on crypto may be disproportionate to its significance within the overall market.

During the interview, Sorkin questioned Gensler about various crypto-related topics, including the SEC's stance on Ether (ETH) and the agency's recent Wells Notice issued against Robinhood. While Gensler's responses were indirect, he reiterated the SEC's position that many crypto tokens could be considered securities under existing laws.

The SEC has been increasingly active in regulating the crypto industry over the past 18 months, filing lawsuits and Wells Notices against major crypto companies with ties to the United States. Gensler highlighted the agency's enforcement actions against exchanges like Binance and Coinbase, as well as stablecoin issuers like Paxos.

Despite criticism from some quarters, Gensler defended the SEC's approach, stating that the agency only takes action against entities that it believes are not complying with the law. He emphasized the importance of protecting investors from potential risks in the crypto market, noting that many individuals have lost funds due to fraudulent activities.

Gensler's comments reflect the ongoing debate surrounding the regulation of cryptocurrencies and the role of government agencies like the SEC in overseeing the industry. As crypto continues to attract attention from investors and policymakers alike, the regulatory landscape remains a topic of significant interest and debate.