SEC’s Gary Gensler: Bitcoin Leads Market Share of Ransomware

Joshua Ramos
Source: Bloomberg

Speaking to CNBC today the US Securities and Exchange Commission (SEC) chair, Gary Gensler said that Bitcoin is the leading market share of ransomware. Indeed, Gensler has continued to voice his disapproval of the asset, and the industry, overall. This was said despite the agency’s approval of 11 Spot Bitcoin ETFs earlier this year.

Following those landmark approvals, Gensler released a statement. Within it, he noted that the applications mirrored “those we have disapproved in the past.” While stating that “circumstances have changed,” leading to the approval. However, in that statement, he also spoke of Bitcoin’s connection to ransomware as a reason for his disapproval of it.

Also Read: Gary Gensler Issues Statement on Spot Bitcoin ETF Approvals

SECs Gensler Once Again Calls Out Bitcoin’s Connection to Ransomware

Throughout his tenure as SEC Chair, Gary Gensler has been noted for his enforcement-first approach to cryptocurrency regulation. Moreover, he has not been shy to share his perspective on the industry’s illicit activity. Indeed, he has maintained his opinion of the volatility within the asset class, and the danger it poses to investors.

However, that opinion did not keep the agency from approving a plethora of Spot Bitcoin ETFs earlier this year. The moment was a landmark one for the industry and has seen the asset receive renewed institutional interest. However, that has not shaken Gensler from his position.

Source – Nasdaq

Also Read: SEC Chair Gary Gensler Warns Crypto Investors to ā€˜Be Cautiousā€™

Speaking to CNBC SEC Chair Gary Gensler stated that Bitcoin is the leading market share of ransomware attacks. However, this is similar to statements that Gensler published following the approval of the Bitcoin ETFs. In a statement, he referenced ransomware as one of the illicit activities of which Bitcoin is prominently a part.

In that statement, he called Bitcoin “a speculative, volatile asset that is also used for illicit activity including ransomware, money laundering, sanction evasions, and terrorist financing.” Additionally, he was certain to make the distinction that the investment product approvals were not an approval or endorsement of Bitcoin as an asset.