We Don't Need More Digital Currencies: SEC Chairman Gary Gensler

Also Read: Coinbase Stock Price Crashes 16% Pre Market Over SEC’s New Charges

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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…

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Gensler further added that the commission found out that the crypto businesses model is completely built on non-compliance with securities laws. The agency invited them to come into compliance. However, these companies are going with a “Catch us if you can” approach.

(THIS IS A DEVELOPING STORY)

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