Gary Gensler questioned the need for cryptocurrencies

Garry Gensler-min
Garry Gensler-min

The modern world essentially does not need cryptocurrencies and other digital assets, said the chairman SEC Gary Gensler on CNBC.

“Look, we don’t need more digital currencies. We already have them and are called US dollar, euro or yen. They are now all digital, as well as investments,” said the head of the regulator.

Gensler’s comments came after the SEC filed lawsuits against Binance and Coinbase.

The latter was accused by the Commission of illegally combining the functions of an exchange, a broker and a clearing agency. Among the claims against Binance, the regulator indicated the mixing of corporate and user funds that were sent to the company controlled by the founder Changpeng Zhao.

“These trading platforms, which they call exchanges, integrate a number of features. We do not observe in traditional finance that NYSE also ran the hedge fund markets,” Gensler said.

Regarding the timing of filing claims against relatively long-established companies, the head of the SEC said that time was needed to “do everything by the rules.” At the same time, he stressed that the public should not doubt the effectiveness of the agency’s oversight of the sector.

“Investors are taking advantage of US securities laws. Cryptocurrencies should not be an exception. These platforms as intermediaries must comply with regulatory requirements,” Gensler said.

Recall that in May, the official once again warned participants in the crypto industry about the inconsistency of the existing digital asset markets with the law.

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