In his statement to CNBC, SEC Chairman Gary Gensler again expressed his concerns about cybercriminals using cryptocurrencies such as Bitcoin to stage insidious ransomware attacks. This column proposes to follow the SEC’s approval of eleven Spot Bitcoin exchange-traded funds (ETFs) in January, constituting a landmark for the cryptocurrency sector. Although Gensler received the approvals, he still maintains his opinion about connecting digital assets and illegal activities deteriorated, suggesting that there are many difficulties for regulators to face when operating a cryptocurrency system.
SEC’s Stance on Bitcoin Amidst ETF Greenlight
The SEC’s approval of a bunch of Spot Bitcoin ETFs was the most optimistic moment for the crypto market, providing an opportunity for institutions to invest more in the nascent asset class. Nevertheless, his latter words have given investors a wide berth that approving these investment products does not imply that Bitcoin has the stamp of approval.
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