Gary Gensler says ‘we don’t need more digital currency’

U.S. Securities and Exchange Commission Chair Gary Gensler took to live television on Tuesday to say there is no need for crypto.

“We don’t need more digital currency. We already have digital currency. It’s called the U.S. dollar. It’s called euro. It’s called the yen. They’re all digital now,” said Gensler on CNBC’s Squawk Box.

Gensler’s statements come on the heels of the SEC announcing lawsuits against the U.S.-based Coinbase and the world’s largest cryptocurrency exchange, Binance.

This story is developing and may be updated.

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