SEC Chair Gensler Sounds Alarm on Bitcoin's Ransomware Role, Pushes for Centralized Money Bitcoin: The Leading Player in Ransomware AttacksSEC Chair Gary Gensler is once again raising concerns about
Bitcoin and its deep involvement in the world of
ransomware. Despite the SEC's green light to 11 Spot Bitcoin ETFs earlier this year, Gensler remains steadfast in his skepticism towards the cryptocurrency industry.
No Love Lost for BitcoinIn a recent interview with CNBC, Gensler didn't mince words, labeling Bitcoin as a "speculative, volatile asset" that frequently finds itself entangled in
illicit activities like ransomware, money laundering, and even terrorist financing. He made it clear that the ETF approvals were not an endorsement of Bitcoin itself.
Gensler's Enforcement-First StanceThroughout his tenure as SEC Chair, Gensler has earned a reputation for his tough stance on crypto regulation. His concerns about the inherent
volatility of digital assets and their potential harm to investors have been consistent themes in his public statements.
A Landmark Approval Amid Lingering DoubtsWhile the approval of those highly anticipated Bitcoin ETFs was seen as a milestone moment on January 10th, Gensler's subsequent statement dampened some of the enthusiasm. He acknowledged the changing landscape but didn't shy away from highlighting Bitcoin's connection to ransomware as a factor behind his reservations.
