Influential investor and CEO of Gerber Kawasaki Wealth, Ross Gerber, has expressed skepticism over the blame often placed on cryptocurrencies in the face of regulatory concerns.

What Happened: On Monday, Gerber took to X, formerly Twitter, to share his views on the ongoing debate around cryptocurrency regulation.

“Funny how they always blame crypto for this when we all know the glaring truth,” he wrote. Gerber’s statement came in response to a Financial Times report disclosing that drug traffickers considered Citigroup favorable for money laundering due to the financial giant’s weaker fraud control mechanisms.

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Why It Matters: Gerber’s comments come amid growing regulatory scrutiny of cryptocurrencies and their suspected role in facilitating money laundering.

Earlier this year, the Federal Bureau of Investigation issued a warning against unregistered cryptocurrency services, particularly those driven by smart contracts. The FBI emphasized the importance of using registered Cryptocurrency Money Services Businesses that comply with Know Your Customer and Anti-Money Laundering regulations

Last year, Binance, the world’s largest cryptocurrency exchange, was fined $4.3 billion for failing to comply with U.S. anti-money laundering and funding of terrorism laws.

Gerber, a known Tesla investor, has previously advised against investing in lesser-known cryptocurrencies, urging investors to focus on established cryptocurrencies like Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH). He referred to these as the “king” and “queen” of the cryptocurrency world.

Photo Courtesy: Mykhailo Pavlenko On Shutterstock.com

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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.