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Gary Gensler: Bitcoin has the largest share in the ransomware market

US Securities and Exchange Commission (SEC) Chairman Gary Gensler told CNBC today that Bitcoin is a major contributor to the ransomware market. Gensler went on to voice his opposition to the asset and the industry as a whole, stressing that Bitcoin is the biggest tool in the hands of criminals and bad actors for blackmail because it is untraceable.

In a statement earlier, Gensler called Bitcoin a speculative and volatile asset that is used for illegal activities such as ransomware, money laundering, sanctions evasion and terrorist financing.