This is the sound fiat makes when it's losing. Gensler is hardcore projecting fiat's flaws into Bitcoin.

"We did not approve or endorse bitcoin," Gensler said. "Investors should remain cautious about the myriad risks associated with bitcoin and products whose value is tied to crypto."

In fact, he said that bitcoin "is primarily a speculative, volatile asset that’s also used for illicit activity including ransomware, money laundering, sanction evasion and terrorist financing."