[NEWS] SEC Chairman Gensler says cryptocurrencies are "not needed in the U.S."

On the 6th, SEC (Securities and Exchange Commission) Chairman Gary Gensler appeared on a CNBC program and said, "We don't need any more cryptocurrencies in the United States."

On the program, Gensler emphasized, "We don't need any more digital currencies." "We already have digital currencies, and digital currencies are already in various places. The euro and the yen are all traded digitally now."

The SEC has been suing major cryptocurrency exchanges such as Binance and Coinbase for days.

With this in mind, Gensler said, "These trading platforms call themselves exchanges, but they confuse many functions. I've never seen a situation in traditional finance where the New York Stock Exchange runs a hedge fund and forms a market," expressing his negative view of the current state of cryptocurrency-related businesses.

He also said that the SEC's lawsuits against cryptocurrency-related companies have been delayed at this point, and indicated that he will respond at an accelerated pace. He then emphasized that "investors benefit from the U.S. securities laws. The same goes for crypto assets, and exchanges and other entities must comply with them."

While the SEC, led by Gensler, is tightening its grip on crypto assets, the crypto asset industry has been criticizing the clarity of regulations.

Regarding regulations in particular, Coinbase filed a lawsuit against the SEC in April, seeking a response to a petition seeking clarification. In response, a U.S. court on the 6th ordered the SEC to submit a response to Coinbase's petition within one week.

Among these, there are also negative opinions about the SEC's decision to file a lawsuit against Coinbase for violating securities laws without responding to its petition.

Reference:CNBC
Image: Shutterstock