“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.
- ‘Great Progress’: Cardano Founder Shares Update After CLARITY Act Roundtable
- Jerome Powell Signals No Rush to Cut Rates, Bitcoin Falls
- FOMC Meeting: Fed Makes First Rate Cut of the Year, Lowers Rates by 25 Bps
- “Beyond a Centralized Exchange” Bitget CEO Unpacks Universal Exchange Vision on 7-Year Anniversary
- Breaking: CME Group to Launch Solana and XRP Futures Options as Institutional Demand Grows
- Toshi Coin Gains 57% in One Day: What’s Driving the Sudden Upside?
- Shiba Inu Price Set to Soar as Exchange Reserves Dive Amid SHIB ETF Chatter
- Pepe Coin Price Prediction as Whale Moves $25M From Robinhood- Is a Breakout to $0.00002 Next?
- XRP Price Prediction as Market Longs Hit 78% amid VivoPower Treasury Expansion Launch — Is $4 Next?
- SHIB Price Forecast: Taker Buys Lead as Developers Counter Shibarium Exploit
- Solana Price Set for a 25% Jump as Open Interest Nears a $20 Billion Milestone
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Premium Partners
