September 21, 2023

Gary Gensler: "The US Doesn't Need More Digital Assets"

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Gary Gensler: "The US Doesn't Need More Digital Assets"

US Securities and Exchange Commission (SEC) Chairman Gary Gensler said that the US does not need more crypto assets, because the country already has a digital currency.

“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 are all digital now,” explained Gary Gensler during a live speech on CNBC.

The statement of the head of the SEC was made against the backdrop of the decisionCommissions to take action against the leading crypto exchanges in the country. On Tuesday, the SEC filed a lawsuit against Coinbase, accusing the company of acting as an unregistered broker and exchange.

The day before, the Commission accused the largestcryptocurrency exchange Binance and its founder Changpeng Zhao in creating a "net of deception", inflating trading volume, diverting client assets and trading unregistered securities.

“These trading platforms they callexchanges combine a number of functions. In conventional finance, we don't see the New York Stock Exchange running the hedge fund markets,” Gensler explained.

As the head of the SEC noted, investors should be sure that the regulator is attentive to the risks in the world of digital currencies.

Earlier it became known that the SEC issued a regulatory order to block Binance.US accounts. Representatives of the site emphasized that all user funds are safe.