- SEC Chair Gary Gensler continues to criticize Bitcoin for its role in ransomware attacks, despite approving several Bitcoin ETFs
- Gensler has frequently highlighted Bitcoin’s use in illegal activities and views it as highly volatile and dangerous for most investors
- In recent CNBC comments, Gensler definitively stated that Bitcoin has the leading market share for ransomware attacks, referring to it as a “speculative, volatile asset” used for crimes
SEC Chair Gary Gensler has once again criticized Bitcoin for its prominence in ransomware attacks. Speaking on CNBC, he stated that Bitcoin leads the market share for ransomware. This continues Gensler’s skeptical stance on cryptocurrencies despite approving several Bitcoin ETFs.
Gensler Maintains Criticism of Bitcoin’s Illicit Uses
Throughout his time as SEC Chair, Gensler has emphasized regulating cryptocurrencies and has frequently highlighted Bitcoin’s role in illegal activities like ransomware. He views the asset class as highly volatile and dangerous for most investors.
Even after greenlighting multiple Bitcoin spot ETFs, marking a major milestone for crypto, Gensler has stuck to his critical perspective. In a statement following the ETF approvals, he again associated Bitcoin with ransomware and other crimes.
Calls Bitcoin “Leading Ransomware” Market Share on CNBC
In his latest comments on CNBC, Gensler stated definitively that Bitcoin represents the top market share for ransomware attacks. He had made nearly identical remarks in his post-ETF statement.
In that statement, he referred to Bitcoin as a “speculative, volatile asset” used often for money laundering, sanctions evasion, ransomware, and terrorism financing. He was careful to say the ETF approvals were not endorsements of Bitcoin itself.
Conclusion
Despite warming up to institutional crypto investment vehicles, SEC Chair Gary Gensler maintains his anti-Bitcoin stance by connecting it to ransomware and criminal activity. His perspective continues to emphasize the risks over the benefits of cryptocurrency.
