- He said that the digital currency already exists and it is the US dollar
- During the broadcast, Gensler addressed investors
- Lawsuits against Binance and Coinbase were prepared a long time ago
Speaking live on CNBC, SEC Chairman Gary Gensler did a harsh statement about cryptocurrencies. He said there is no longer a need for digital assets.
“We don’t need more digital currency. We already have digital currency. It’s called the US 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 TV broadcast, Gensler addressed investors:
“These so-called trading platforms, which consider themselves to be exchanges, include a variety of functions. In traditional finance, we have never seen, for example, the New York Stock Exchange controlling hedge funds or shaping the market. Or, as we noted on Binance, had an associated entity that populates the platform with trades known as “wash trading.”
The head of the SEC also said that the applications against the two cryptocurrency exchanges were filed a long time ago, but the amount of work has taken a lot of time.
“It takes time. We follow all the rules. To create a similar case to the one you see in the 136-page complaint, you need to conduct numerous investigations.