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Gary Gensler: Bitcoin is just a ledger, referred to as decentralized and the preferred currency for ransomware.

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Gary Gensler: Bitcoin is just a ledger, referred to as decentralized and the preferred currency for ransomware.

The Chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, faced backlash from the crypto community online after mentioning during an interview with CNBC that "Bitcoin is not as decentralized as people think."

The Crypto Space Is Rife with Fraud and Manipulation

When discussing the risks of fraud and manipulation in Bitcoin, Gary Gensler pointed out:

The crypto market is indeed an area full of fraud and manipulation, not just individual entities, look at all the bankruptcies of crypto institutions, one after another institution closing down, and investors can only queue outside bankruptcy courts.

Gary Gensler: Bitcoin Is Indeed the Preferred Token for Ransomware

Jamie Dimon, CEO of JPMorgan, stated at a U.S. Senate hearing last December that the government should shut down Bitcoin, arguing that money laundering and other illegal activities are the actual use cases of Bitcoin.

JPMorgan CEO Again Criticizes Bitcoin: Only Used for Crime, Government Should Shut It Down

Host Andrew Ross Sorkin mentioned Jamie Dimon's comments at the time, while co-host Joe Kernen countered, stating that the percentage of money laundering with the U.S. dollar far exceeds that of Bitcoin.

Gary Gensler then 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 debate has attracted much attention and criticism from many in the crypto community, as Gary Gensler claims that Bitcoin is not as decentralized as it seems, a point that co-host Joe Kernen disagrees with, leading to a debate between the two. Joe Kernen has gained praise from many in the crypto community for this.

Gary Gensler pointed out that historically, the financial system has always tended towards centralization, and he asked co-host Joe Kernen:

Who comes on this show saying they want to invest in something because the asset has a perfect ledger, financial records? Joe, are you serious?

Joe Kernen countered that even if Bitcoin is just a ledger, it is a public, transparent, and nearly incorruptible ledger, which is why people trust Bitcoin more than central banks.

Due to the constant interjections of the three hosts' questions, Gary Gensler's argument of "Bitcoin centralization" seems to have been blurred, what he refers to should be that Bitcoin transactions are concentrated in specific venues, and becoming an ETF product contradicts Satoshi Nakamoto's decentralized vision.

He had emphasized similar views in a previous interview.

SEC Chairman Comments on Bitcoin ETF: Centralized ETF Irony of Satoshi Nakamoto's Decentralization Vision

In addition, Gary Gensler remains tight-lipped about his comments on an Ethereum spot ETF, emphasizing that he will never allow the public to predict this event in advance.