SEC Chair Gensler Highlights Bitcoin’s Connection to Ransomware
According to United States Securities and Exchange Commission (SEC) Chair Gary Gensler, Bitcoin is the leading market share for ransomware attacks. Despite approving 11 Spot Bitcoin ETFs earlier this year, Gensler has consistently expressed his disapproval of Bitcoin and the cryptocurrency industry as a whole.
Gensler’s View on Bitcoin’s Illicit Activities
Gensler referred to Bitcoin as a speculative and volatile asset that is used for illicit activities such as ransomware, money laundering, sanction evasions, and terrorist financing. He emphasized that the approval of investment products like ETFs should not be seen as an endorsement of Bitcoin.
Approval of Bitcoin ETFs Raises Questions
Gensler has taken an enforcement-first approach to cryptocurrency regulation and has consistently raised concerns about the industry’s illicit activities. Despite approving Spot Bitcoin ETFs, he remains steadfast in his position on Bitcoin’s risks. Some speculate that Gensler may have been the deciding vote for the approval, while others believe it was inevitable given a federal court mandate to review Grayscale’s offering.
Conclusion
SEC Chair Gary Gensler continues to highlight Bitcoin’s connection to ransomware attacks and express his disapproval of the asset. While approving Spot Bitcoin ETFs, he maintains reservations about its volatility and potential use in illicit activities. His enforcement-first approach to cryptocurrency regulation raises questions about his intentions and the future of crypto investments under his leadership.
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