Gary Gensler Highlights Bitcoin’s Ransomware Market Share Dominance

• Gary Gensler has been known for his enforcement-first attitude to cryptocurrency regulation.
• Regardless, the agency still approved a multitude of Spot Bitcoin ETFs early this year.

The chairman of the U.S SEC, Gary Gensler, said in an interview with CNBC today that Bitcoin accounts for the majority of ransomware. The asset and the industry as a whole have Gensler’s persistent disdain. This is despite the fact that eleven Spot Bitcoin ETFs were approved by the SEC earlier this year.

Gensler issued a statement after those historic approvals. He made a point of saying that the applications were similar to “those we have disapproved in the past” in it. “Circumstances have changed,” he said, which led to the green light. In the same speech, meanwhile, he also expressed his dislike of Bitcoin, citing its association with ransomware.

Enforcement-first Approach

Regardless, the agency still approved a multitude of Spot Bitcoin ETFs early this year, notwithstanding that stance. The asset has recently attracted increased attention from institutional investors, marking a watershed moment for the market. Nevertheless, Gensler remains steadfast in his view.

Gary Gensler has been known for his enforcement-first attitude to cryptocurrency regulation during his stint as SEC Chair. In addition, he did not hesitate away from offering his thoughts on the illegal practices inside the sector. His assessment of the asset class’s volatility and the risk it presents to investors remains unchanged.

However, investors should take note that his acceptance of these financial products does not necessarily mean that Bitcoin has received the green light, as his last remarks have left room for interpretation.

Gensler, on the other hand, has not avoided bringing up Bitcoin’s erratic behavior and its potential links to illicit activities like money laundering, sanctions evasion, or terrorist financing—all of which are major concerns that current legislation is aiming to address.

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