The chairman of the US Securities and Exchange Commission (SEC) tried to explain what, in his opinion, is the difference between Bitcoin and traditional currencies, and what are the advantages of government money.

Gary Gensler, in an interview with CNBC, said that fiat currencies are issued by central banks, and therefore, as a rule, each state or region maintains one official currency. The same cannot be said about Bitcoin.

When asked to comment on JPMorgan Chase CEO Jamie Dimon's claims that Bitcoin is used only for crimes, drug trafficking, money laundering and tax evasion, Gensler nodded: BTC is very popular among hackers who use ransomware. .

Interview host Joe Kernen countered by saying that a significant amount of money could be laundered in US dollars. To which the official retorted: but society habitually uses fiat currency, the US dollar, euro or yen as a means of exchange to receive salaries and buy any things.

One of the advantages of Bitcoin is decentralization, the TV presenter recalled. Whereas the policies of central banks may negatively affect the value of government currencies. However, the SEC chairman believes that this is actually not the case, since any finance has tended towards centralization since ancient times.

To Kernen’s remark that crypto enthusiasts trust Bitcoin much more than a central bank that allows financial authorities to “spend trillions of dollars,” Gensler responded that it is the investment choice of anyone willing to make speculative investments.

It's been about a month since the SEC approved Bitcoin spot ETFs. When asked what the SEC Chairman thinks about the Bitcoin market, given the recent rise above $50,000 and the significant influx of funds into cryptocurrency ETFs, Gensler assured:

“We focus on protecting investors. Approval of applications to launch cryptocurrency ETFs was dependent on a specific set of documents, and this does not mean that we support Bitcoin per se.”

Gary Gensler's vote was decisive in favor of approving bitcoin-linked spot ETFs, despite the fact that the SEC chairman is considered an outspoken opponent of cryptocurrencies. SEC Commissioner Caroline Crenshaw called the agency's decision a failure.