Per CNBC
SEC's Gary Gensler: 'We already have digital currency. It’s called the U.S. dollar'
6/6/2023
SEC Chair Gary Gensler is taking a strong stance against digital currency, saying there was already a digital currency, the "US dollar." He then pointed out other currencies and said they were already digital.
This comes as Gensler is pressing against crypto and other digital currencies and tokens. The SEC Chair appeared on CNBC's Squawk on the Street and gave a statement against digital currencies.
Gensler: “We already have digital currency. It’s called the U.S. dollar. It’s called the euro or it’s called the yen, they’re all digital right now. We already have digital investments.”
The SEC Chair also specifically said, "we don’t need more digital currency,” while taking aggressive action against some of the top exchanges. Gensler specifically pointed out trading platforms and compared them to the NYSE.
Gensler: “These trading platforms, they call themselves exchanges, are commingling a number of functions... In traditional finance, we don’t see the New York Stock Exchange also operating a hedge fund making markets.”
The SEC Chair also commented on why there were delays regarding filing cases against crypto platforms. He noted that investors should have confidence that the SEC is looking into the digital currency world and its risks.
Gensler: “The investing public has the benefit of the U.S. securities laws. Crypto should be no different, and these platforms, these intermediaries need to come into compliance,”
This comes as the SEC is suing Coinbase over its staking program, resulting in the company to drop by around 17%. The charges were regarding how the company operated as an unregistered exchange and broker.
Aside from Coinbase, the SEC has also charged Binance and its co-founder Changpeng Zhao, otherwise known as CZ. The allegations against them were that the crypto exchange broke US securities laws.
It was noted that 13 charges were reportedly filed against Binance's CZ.
See flow at unusualwhales.com/flow.
Other News:
- Coinbase sued by SEC over staking program, alleging it operated as an unregistered exchange and broker
- Binance's CZ sued by SEC for breaking US Securities
Resources:
DOJ is investigating into Coinbase, COIN, customer data theft
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