SEC Chairman Gary Gensler is taking a critical look at Bitcoin and questioning its use due to its involvement in ransomware activities, despite the fact that the authority approved Bitcoin ETFs earlier this year.
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In an interview with CNBC, Gensler clarified that the SEC’s approval of Bitcoin ETFs is neutral and does not constitute an endorsement of Bitcoin as an asset class. Gary Gensler emphasized that cryptocurrencies are rife with fraud and malicious activity , and current uses of Bitcoin are primarily focused on illicit activities, such as ransomware.
Gensler noted that Bitcoin holds the largest share of the ransomware market, and its popularity is largely due to speculative investments. The SEC Chairman compares Bitcoin to major national currencies, such as the dollar, euro, and yen, stating that cryptocurrencies have a real economic difference.
See also: Hackers stole 290 million in crypto from PlayDapp
Gensler also expressed his view on the ongoing fraud and losses suffered by companies, saying that bankruptcies have become common in this industry. The SEC Chairman also denied that Bitcoin is truly decentralized, saying that it is concentrated in a few entities.
“It’s full of fraud and manipulation. And look at all the bankruptcies. It’s not just one entity. It’s entity after entity after entity and then investors just line up in bankruptcy court.” – Gary Gensler
When asked to outline the prospects for Ethereum ETFs, Gensler agreed that the SEC has a lot of applications right now. However, he doesn’t want to prejudge the decision, which is ultimately determined by a five-member committee.
See also: Bitcoin capital transfers reach $500 million weekly
Bitcoin is the most commonly exploited cryptocurrency by hackers, due to its widespread acceptance and the relative anonymity it provides. Monero is also popular among hackers, as it offers increased levels of anonymity and privacy compared to Bitcoin. Ethereum is another cryptocurrency frequently exploited by hackers, as it allows the creation and execution of self-executing smart contracts.
Zcash is another cryptocurrency used by hackers, as it offers strong anonymity capabilities through 'zero-knowledge proof' technology. Finally, Litecoin is a cryptocurrency exploited by hackers, as it offers faster and cheaper transactions compared to Bitcoin.
Source: crypto.news
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