Crypto News: U.S. Securities and Exchange Commission (SEC) sent back to back shockwaves toward the global digital asset market by suing Binance and Coinbase of operating unregistered securities exchanges. Adding on to the attack on the crypto industry, SEC Chair Gary Gensler stated that the market doesn’t need more digital currency.
Also Read: Coinbase Stock Price Crashes 16% Pre Market Over SEC’s New Charges
US SEC Backs Dollar Against Crypto Currencies
Gary Gensler, US SEC Chairman during an interview with CNBC stated that we don’t need more digital currency. He mentioned the market already has digital currency and it’s called the U.S. dollar. However, Gensler also named the Euro and the Yen as digital currencies, while, he highlighted that they have digital investment.
US SEC Chair’s this big statement came directly after suing the nation’s biggest crypto exchange Coinbase. Gensler alleged the crypto exchange failed to provide investors with critical protections. This also includes not complying with rules to prevent fraud and manipulation, proper disclosure and safeguards against conflicts of interest. Read More Crypto News Here…
Gensler further added that the commission found out that the crypto businesses model is completely built on non-compliance with securities laws.
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