Gary Gensler: Bitcoin is merely a ledger, preferred currency for decentralization and ransomware.
Gary Gensler, Chairman of the US Securities and Exchange Commission (SEC), faced criticism from the crypto community after mentioning in a CNBC interview that “Bitcoin is not as decentralized.”
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Cryptocurrency field filled with fraud and manipulation
Gary Gensler: Bitcoin is indeed the preferred token for ransomware
Why invest in Bitcoin? Because it is a good ledger?
Cryptocurrency field filled with fraud and manipulation
When discussing whether Bitcoin involves fraud and manipulation risks, Gary Gensler pointed out:
The crypto market is indeed a field filled with fraud and manipulation, not just individual entities. Look at all the bankruptcies of crypto institutions, one after another, and investors can only wait in line outside bankruptcy courts.
Jamie Dimon, CEO of JPMorgan Chase, stated in a Senate hearing in December last year that the government should shut down Bitcoin and argued that money laundering and other illegal activities are the actual applications of Bitcoin.
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JPMorgan CEO slams Bitcoin again: Only used for crime, government should shut it down
)
Host Andrew Ross Sorkin mentioned Jamie Dimon’s comments at the time, and co-host Joe Kernen countered, stating that the money laundering share of the US dollar far exceeds that of Bitcoin.
Gary Gensler stated that Bitcoin is indeed the preferred token for ransomware, and this is a well-known fact.
Why invest in Bitcoin? Because it is a good ledger?
The following argument has attracted attention and criticism from many crypto communities because Gary Gensler claims that Bitcoin is not as decentralized as it seems, but co-host Joe Kernen disagrees, leading to a debate. Joe Kernen has received praise from many crypto communities as a result.
Gary Gensler pointed out that throughout history, the financial system has always developed towards centralization. He asked co-host Joe Kernen:
Who comes on this show and says they want to invest in something because the asset has a good ledger and financial records? Joe, are you serious?
Joe Kernen countered, stating that even if Bitcoin is just a ledger, it is a public, transparent, and almost tamper-proof ledger, which is why people trust Bitcoin more than central banks.
Due to the constant interjections from the three hosts, Gary Gensler’s argument of “Bitcoin centralization” seems to have become blurred. What he meant was that Bitcoin transactions are concentrated in specific trading venues, which contradicts Satoshi Nakamoto’s vision of decentralization.
He had previously emphasized similar viewpoints.
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SEC Chairman comments on Bitcoin ETF: Centralized ETF mocks Satoshi Nakamoto’s decentralization vision
)
In addition, Gary Gensler remained tight-lipped about his comments on Ethereum spot ETF, emphasizing that he will never let the public anticipate this event.
Gary Gensler
SEC
Ethereum
Decentralization
Bitcoin
Spot ETF
Further reading
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Bitcoin at $52K! Up Only mode activated? Wall Street funds continue to flow into BTC ETF, gold ETF popularity wanes
