US SEC Chairman Gary Gensler: “We Have No Need for Additional Digital Currency”
The global digital asset market was rocked by consecutive shockwaves from the U.S. Securities and Exchange Commission (SEC) as it filed lawsuits against Binance and Coinbase for allegedly operating unregistered securities exchanges. Furthermore, SEC Chair Gary Gensler further intensified the assault on the crypto industry by asserting that there is no necessity for additional digital currency in the market.
US SEC Supports Dollar in Face of Cryptocurrencies
During an interview with CNBC, US SEC Chairman Gary Gensler emphasized that the market does not require additional digital currency, pointing out that the existing digital currency is the US dollar. However, Gensler also acknowledged the digital nature of the Euro and the Yen, referring to them as digital currencies with digital investment features.
The significant statement from US SEC Chair Gary Gensler came immediately after the regulatory body filed a lawsuit against Coinbase, the largest cryptocurrency exchange in the nation. Gensler accused the crypto exchange of neglecting to offer essential protections to investors, including non-compliance with rules aimed at preventing fraud and manipulation, inadequate disclosure practices, and insufficient safeguards against conflicts of interest.
Important: This article is intended solely for informational purposes. It should not be considered or relied upon as legal, tax, investment, financial, or any other form of advice.
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