After lawsuits were filed against Coinbase and Binance Gary Gensler said, “We don’t need more digital currency”
Chair of SEC Gensler has said that another digital currency is unnecessary. The yen, euro, and US dollar are digital currencies now.
On Tuesday, Gary Gensler, chairman of the U.S. Securities and Exchange Commission, went live on television to argue that the world does not need more digital currencies.
“More digital money is unnecessary at this time. Digital money has already been developed. The name for this currency is “dollar”. The yen is the name of Japan’s currency.”
Gensler has spoken out after the SEC’s announcement of litigation against Coinbase and Binance, the two biggest cryptocurrency exchanges in the world. Gensler addressed the viewing audience at one point in the program.
Several services are being “commingled” on “these trading platforms; they call themselves exchanges,” he added.
The SEC’s accusations against Binance are similar to those levelled against discontinued cryptocurrency exchange FTX and its sister trading firm Alameda Research. These include mixing company and customer assets, misappropriating customer funds, and possibly manipulating the market for native tokens.
US authorities have been at odds with Coinbase and Binance for some time. Gensler said that he and his team had attempted to negotiate compliance with the platforms via dialogue.