Gensler shared his views in an interview on CNBC’s “Squawk on the Street,” saying “we don’t need more digital currency.” He emphasized that we already have digital currencies like US dollars, Euros and Yen. He thinks we already have digital investments already.
While he does not deny the role of cryptocurrencies, Gensler’s comments show that he is wary of expanding the use of digital currencies and needs proper regulation and regulation in the field. this area.
SEC Chairman Gary Gensler’s sharing helps explain the SEC’s recent aggressive actions towards the crypto market. When Mr. Gensler refers to the digital US dollar, he means CBDC (Central Bank digital currency). Senator Bill Hagerty has argued that this move by the SEC and the Biden Administration appears to be trying to limit innovation in the market to pave the way for CBDCs.
This week, the SEC sued Binance and more recently Coinbase over violations of securities regulations. A day earlier, the Commission accused cryptocurrency exchange Binance of mixing up billions of dollars in user funds and transferring them to a European company controlled by founder Changpeng Zhao.
“These trading platforms, which they call themselves exchanges, are combining several functions. In the traditional financial sector, we don’t see the New York Stock Exchange operating as well,” Gensler said. run a market-making hedge fund”. SEC Chairman Gary Gensler once again emphasized that these actions of the SEC show that they are focusing on risks in the world of digital currency.
Following Gensler’s comment, the prices of cryptocurrencies have been fairly stable, but Coinbase’s shares have fallen 17%.
see more : Russian bank pilot on cross-border crypto payments