“We Don’t Need More Digital Currencies”: SEC Chairman Gary Gensler

Crypto News: U.S. Securities and Exchange Commission (SEC) sent back to back shockwaves toward the global digital asset market by suing Binance and Coinbase of operating unregistered securities exchanges. Adding on to the attack on the crypto industry, SEC Chair Gary Gensler stated that the market doesn’t need more digital currency.

Also Read: Coinbase Stock Price Crashes 16% Pre Market Over SEC’s New Charges

US SEC Backs Dollar Against Crypto Currencies

Gary Gensler, US SEC Chairman during an interview with CNBC stated that we don’t need more digital currency. He mentioned the market already has digital currency and it’s called the U.S. dollar. However, Gensler also named the Euro and the Yen as digital currencies, while, he highlighted that they have digital investment.

US SEC Chair’s this big statement came directly after suing the nation’s biggest crypto exchange Coinbase. Gensler alleged the crypto exchange failed to provide investors with critical protections. This also includes not complying with rules to prevent fraud and manipulation, proper disclosure and safeguards against conflicts of interest. Read More Crypto News Here…

Crypto Businesses Model Is Built On Non-Compliance

Gensler further added that the commission found out that the crypto businesses model is completely built on non-compliance with securities laws. The agency invited them to come into compliance. However, these companies are going with a “Catch us if you can” approach.

SEC Chair alleged that the crypto exchanges are commingling various functions. Gensler mentioned that the trading public would be aghast if they thought that New York Stock Exchange was also running a hedge fund against them.

Also Read: “It’s An Attack On The Entire Industry”: Binance CEO

He highlighted that there have been some constructive conversations with several businesses and it is important to bring them into compliance. The SEC reportedly received success in the last two weeks as one crypto entity came in to file with them.