SEC Chair Gary Gensler Argues Against More Digital Currency, Cites US Dollar Dominance

• SEC Chair Gary Gensler recently sat down with CNBC for an interview.
• Gensler stated that the US doesn’t need more digital currencies.
• The statement comes after the SEC’s lawsuit against Coinbase and Binance.

SEC Chair Gary Gensler expressed his view that the United States does not require additional digital currency. This statement came alongside the SEC’s legal actions against Binance and Coinbase for allegedly operating unregistered securities exchanges.

During an interview with CNBC, Gensler refuted allegations that his approach was creating ambiguity regarding the legal status of cryptocurrencies. He also drew comparisons between the case involving Binance CEO Changpeng “CZ” Zhao and the criminal case involving FTX founder Sam Bankman-Fried.

SEC Chair says US already has US dollar

Gensler said during his interview, “We don’t need more digital currency… We already have digital currency, it’s called the U.S. dollar.” We have not seen, over the centuries, that economies and the public need more than one way to move value.”

The SEC took legal action against both Binance and Coinbase this week, alleging that they offered services like brokerage and clearing for securities that should have been regulated.

Gensler aims to demonstrate that the numerous tokens available for trading on these major cryptocurrency platforms can be seen as investment contracts, that should have been registered with the SEC rather than being considered solely as payment methods. Gensler stated that they only need to prove that one of these tokens qualifies as a security to argue for proper registration.