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The Chair of the U.S. The Securities and Exchange Commission (SEC) says Bitcoin (BTC) isnt as decentralized as the public believes.

In a new interview on CNBC, Gensler says the top crypto asset by market cap is not that decentralized, partially due to the prominence of centralized crypto exchanges.

[Bitcoin] is not that decentralizedlook at how finance tends toward centralization since antiquity. What do we have? We have a handful of three to six core so-called crypto exchanges.

Bitcoin is sold on crypto exchanges around the world, and its not clear how that has anything to do with Bitcoins decentralization.

The networks decentralization stems from Bitcoins underlying blockchain technology, which is a distributed ledger managed by a network of computers (nodes) spread across the globe, with no single entity in control.

Backing up JPMorgan CEO Jamie Dimon, who said last month that Bitcoin was a pet rock with a main use case of helping criminals perpetrate illicit schemes, Gensler also says BTC is the token of choice for ransomware.

[Bitcoin] is the leading market share in ransomware, and thats publicly known. Its the token of choice for ransomware.

The US dollar, the euro, the yen you have the whole [of] society using [them] as a medium of exchange, we buy our cups of coffee, we get paid in dollars or yen or euro and you have a whole central bank and support for one currency, generally, per economic region.

That, we dont have here, so there is a very real economic difference

According to Gensler, Bitcoins transparent ledger gives off the impression that its more decentralized than it actually is, and should not be cited as a reason to invest in BTC.

How many times do you have people on this show that say Im going to invest in something because of how the books and records are kept Its just an accounting ledger. A clever [one].

Bitcoin is trading for $51,699 at time of writing, a 6.5% gain during the last 24 hours.

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Gary Gensler Says Bitcoin Is Token of Choice for Ransomware and Not That Decentralized - The Daily Hodl