- He said a digital currency already exists, and it’s the U.S. dollar
- At the broadcast, Gensler addressed investors
- The lawsuits against Binance and Coinbase were prepared long ago
In a live TV appearance on CNBC, SEC Chairman Gary Gensler made a harsh statement about cryptocurrencies. He said there is no need for digital assets anymore.
“We don’t need more digital currency.. We already have a digital currency. It’s called the U.S. dollar.. It’s called the euro.. It’s called the yen.. They’re all digital now,” Gensler said on CNBC.
These statements were made public after the SEC filed lawsuits against two well-known cryptocurrency exchanges Coinbase and Binance. In addition, during the telecast, Gensler addressed investors:
“These so-called trading platforms, which consider themselves exchanges, include a variety of functions. In traditional finance, we have never seen, for example, the New York Stock Exchange control hedge funds or engage in market shaping. Or, as we noted at Binance, had a connected organization that fills the platform with transactions known as “wash trading.”
The SEC chief also said that applications against the two cryptocurrency exchanges were filed long ago, but the amount of work took a long time.
“It takes time. We adhere to all the rules. To create a case like the one you see in the 136-page complaint requires multiple investigations.”