Securities and Exchange Commission chair Gary Gensler said 18 May he worries that more investors will be harmed in cryptocurrency markets, after this month’s implosion of the stablecoin known as TerraUSD.

“I think a lot of these tokens will fail,” Gensler told reporters after a House Appropriations Committee panel hearing. “I fear that in crypto… there’s going to be a lot of people hurt, and that will undermine some of the confidence in markets and trust in markets writ large.”