The attack on Cryptocurrency is intended to maintain the US dollar Chairman of SEC: We have US dollars and do not need digital currency
Gary Gensler, chairman of the U.S
Gary Gensler, chairman of the U.S. Securities and Exchange Commission (SEC), said on Tuesday that the United States does not need more digital currencies because there are already dollar digital currencies. Previously, the SEC had successively taken legal actions against the two major Cryptocurrency platforms, Coinbase and Coinbase, accusing them of operating unauthorized stock exchanges.
In an interview on Tuesday, Gensler responded to criticism that he has legal ambiguity in the regulation of Cryptocurrency. He suggested that the SEC's action against Changpeng Zhao, CEO of Yuanan, was similar to the pending legal case against Sam Bankman Fried, founder of FTX
Gensler also said, "There is no need for more digital currencies, the US dollar is already a digital currency." He added, "Throughout history, we have not observed that society or the public require multiple methods of value transfer
The SEC filed a lawsuit against Coinbase on Monday and Coinbase on Tuesday, local time, accusing these platforms of providing regulated securities services, including brokerage and clearing.
In this legal battle, Gensler wants to prove that the countless tokens traded on these encrypted platforms should be registered with the US SEC because they have similarities to investment contracts, not just payment methods.
He explained, "What we need to prove is that one of these tokens is qualified as a security, so they should be properly registered
Gensler refutes the claim that encryption companies face ambiguous regulatory enforcement, insisting that US securities laws have been clear for many years. He said, "These intermediaries must comply with the regulations
He also hinted that SigmaChain, a subsidiary of Coin An, "exaggerated trading volume and distorted numbers due to a lack of control," which is similar to the case against Bankman Fried, who is currently awaiting trial on fraud charges, and he denied this accusation.
Although the SEC lawsuit did not allege fraud against Changpeng Zhao, it did seek civil punishment and permanently prohibited Changpeng Zhao from serving as an officer or director of any securities issuer.
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