SEC Chairman Gary Gensler gave some advice on cryptocurrency investing Wednesday during a Twitter spaces discussion hosted by the U.S. Army.

Calling crypto a “highly speculative, volatile asset class,” Gensler stressed that most cryptocurrencies “are not complying with securities laws, but they should be.” Noting that crypto is “the Wild West,” he also questioned the use cases of most tokens.

The SEC chief warned, “Most of these 10,000 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 U.S. dollar and Europe has the euro and the like,” he explained.

Emphasizing that crypto is “non-compliant generally,” Gensler proceeded to advise investors, “Don’t get caught up in the FOMO, the fear of missing out. Please don’t get caught up in that.

This was not the first time Gensler has cautioned about crypto tokens failing. In May last year, following the collapse of the terra/luna ecosystem, he similarly warned that a lot of crypto tokens will fail.

The SEC chief has been criticized by lawmakers and industry participants for taking an enforcement-centric approach to regulating the crypto industry. In November last year, Gensler affirmed that the securities regulator’s enforcement division will remain focused on crypto.

This week, the SEC charged two prominent crypto firms,  Gemini and Genesis,  for the unregistered offer and sale of securities to retail investors through the Gemini Earn crypto asset lending program.