Chair

Jerome Powell

Bitcoin

Gary

<p class="is-style-lead">SEC Chair Gary Gensler scrutinizes Bitcoin and questions its use cases despite the agency approving Bitcoin ETFs earlier this year.&nbsp;</p> 
<p>In an interview today with <a href="https://www.cnbc.com/video/2024/02/14/watch-cnbcs-full-interview-with-sec-chair-gary-gensler.html" target="_blank" rel="noopener">CNBC</a>, Gensler clarifies that the SEC’s approval of Bitcoin ETFs is merit-neutral and is not an approval of Bitcoin as an asset class. Gensler emphasized that crypto is filled with fraud and manipulation, and <a href="https://crypto.news/price/bitcoin/">Bitcoin’s</a> current use cases are predominately focused on illicit activities.<br><br>Gensler further said that Bitcoin is the leading market share in ransomware, and its public attraction is mainly due to speculative investment. The <a href="https://crypto.news/sec-chair-gary-gensler-assures-no-breach-after-x-hack/">SEC Chair</a> compared Bitcoin with leading national currencies like Doller, Euro, and Yen, saying crypto has a real economic difference.&nbsp;</p> 
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<p> You might also like: <a href="https://crypto.news/spot-bitcoin-etfs-hit-record-daily-net-inflows-of-631m/"> Spot Bitcoin ETFs hit record daily net inflows of $631m </a> </p> 
<p>Gensler also expressed his opinion about the ongoing frauds and losses suffered by crypto companies, saying that bankruptcies have become frequent in this industry. Extending his criticism, the SEC Chair also refuted that Bitcoin is truly decentralized, saying it’s concentrated among a handful of entities.&nbsp;</p> 
<blockquote class="wp-block-quote"> 
 <p>“This is a rife with 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 are just lining up in the bankruptcy court.”</p> <cite>– Gary Gensler</cite>
</blockquote> 
<p>When asked about the prospects of <a href="https://crypto.news/franklin-templeton-files-for-spot-ethereum-etf-sui-and-kangamoon-unveil-new-initiatives/">Ethereum ETFs</a>, Gensler agreed that the SEC currently has several applications. Still, he doesn’t want to prejudge the decision, and it’s ultimately up to a commission of five members.&nbsp;</p> 
<p> Read more: <a href="https://crypto.news/jerome-powell-stablecoin-regulatory-framework/"> Jerome Powell urges for stablecoin regulatory framework </a> </p>

SEC Chair Gary Gensler criticizes Bitcoin, calls out its role in ransomware

crypto.news

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