SEC Chair Gary Gensler Warns of Bitcoin’s Role in Ransomware

Gary Gensler, head of the US Securities and Exchange Commission (SEC), recently expressed concerns about Bitcoin’s alleged involvement in ransomware attacks.

Gensler’s Critical View of Bitcoin

Despite the success of Bitcoin exchange-traded funds (ETFs), Gensler has consistently criticized the cryptocurrency. He has called it a “speculative and volatile asset” and highlighted its use in illegal activities.

Bitcoin’s Alleged Role in Ransomware

Gensler has raised concerns about Bitcoin’s role in facilitating ransomware attacks. He believes that the cryptocurrency’s primary use is in illicit transactions.

Ongoing Regulatory Debate

Gensler’s comments highlight the ongoing debate surrounding cryptocurrency regulation. While Bitcoin ETFs have provided investment opportunities, Gensler’s skepticism underscores the need for continued scrutiny and regulation.

Bitcoin’s Record-Breaking Rally

Despite regulatory headwinds, Bitcoin has continued to rise, reaching its highest level in over two years. This rally has become the longest sustained early-year rally on record.

Analyst’s Perspective

Market analyst Crypto Con suggests that this market cycle is behaving differently from previous ones. Bitcoin has sustained moves above key technical levels and has experienced only a brief correction. It remains to be seen whether the bullish momentum will continue or a correction will occur.