'Funny How They Blame Crypto,' Says Tesla Bull Ross Gerber After Report Indicates Citigroup Was Favorite

　　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 Citigroupfavorable for money laundering due to the financial giant’s weaker fraud control mechanisms.

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

　　Earlier this year, the Federal Bureau of Investigationissued 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 worlds 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 Teslainvestor, has previously advised against investing in lesser-known cryptocurrencies, urging investors to focus on established cryptocurrencies like Bitcoin BTC/USD and Ethereum ETH/USD. He referred to these as the “king” and “queen” of the cryptocurrency world.