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Gary Gensler, known for his enforcement-focused stance on cryptocurrency regulation during his SEC Chair tenure, has consistently voiced concerns about illicit activities in the industry. Despite his apprehensions about the volatility and risks associated with cryptocurrencies, the SEC, under his leadership, approved several Spot Bitcoin ETFs earlier this year, marking a significant milestone for the sector and attracting renewed institutional attention.

 

 

 

In a recent interview with CNBC, Gensler reiterated his perspective, asserting that Bitcoin holds the leading market share in ransomware attacks. This echoes his earlier statements post-approval of Bitcoin ETFs, where he identified ransomware as a prominent illicit activity associated with the cryptocurrency.

 

 

 

Gensler emphasized Bitcoin’s dual nature as a speculative and volatile asset that is also utilized for unlawful purposes such as ransomware, money laundering, sanction evasions, and terrorist financing. Importantly, he clarified that the approval of investment products should not be construed as an endorsement or approval of Bitcoin as a legitimate asset.

 

 

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