Gary Gensler, the head of the United States Securities and Exchange Commission (SEC), has recently expressed his growing frustration with the constant stream of questions he receives about cryptocurrency, despite its relatively small size compared to the overall financial market. In a recent interview on CNBC's Squawk Box, Gensler commented that he receives an "outsized ratio" of questions about crypto, which he believes is disproportionate to its market capitalization.

Gensler pointed out that the SEC oversees a $110 trillion capital market, while the crypto market is significantly smaller, with a market capitalization of around $2.4 trillion. He also noted that a large portion of the crypto market does not comply with US securities laws, which has led to a disproportionate number of scams, frauds, and problems in the market. As a result, Gensler believes that the media's focus on crypto is misplaced and that the SEC's attention is better spent on the larger, more established financial markets.

Despite his frustration, Gensler acknowledged that the SEC is still actively engaged in regulating the crypto market, with six crypto-related lawsuits filed so far this year. He also defended the SEC's approach to regulating crypto, stating that the agency is committed to ensuring that investors receive the necessary disclosures and protections when investing in digital assets.

Gensler's comments have sparked a lively debate in the crypto community, with some arguing that the SEC's approach to regulation is overly aggressive and stifles innovation, while others believe that the agency is necessary to protect investors and maintain market integrity. Regardless, it is clear that the SEC will continue to play a significant role in shaping the future of the crypto market, and its actions will be closely watched by investors, regulators, and industry participants alike.

In addition, Gensler's comments have also sparked a response from Paul Grewal, the legal chief of Coinbase, who argued that the SEC's approach to regulating crypto is misguided and that tokens are not securities. Grewal pointed out that the SEC's own attorneys have admitted this in court, and that the agency's actions are causing confusion and uncertainty in the market.

Overall, Gensler's comments highlight the ongoing tension between the SEC and the crypto community, and the need for clear and effective regulation that balances the need for investor protection with the need for innovation and growth. As the crypto market continues to evolve, it is likely that the SEC will play an increasingly important role in shaping its future, and its actions will have significant implications for investors, regulators, and industry participants alike.