Crypto War Vs US Dollar, SEC Chair Gary Gensler: We Don't Need Other Digital Money

SEC chairman Gary Gensler. (Photo; Doc. Timesofisra)

JAKARTA - The US Securities and Exchange Commission (SEC) has shocked the global digital asset market by suing the two largest crypto exchanges, Binance and Coinbase, on charges of operating an unregistered securities exchange.

This action is the latest attack on the growing crypto industry. SEC chairman Gary Gensler, who recently issued a controversial statement, stated that the market does not need more digital currencies.

In an interview with CNBC, Gensler stated that existing digital currencies, such as the US dollar, were adequate. However, he also admits that Euro and Yen can also be considered digital currencies. Gensler highlighted the importance of digital investment in the conventional currency.

This controversial statement came after the SEC sued Coinbase, the largest crypto exchange in the United States. Gensler accused Coinbase of failing to protect investors by disobeying regulations aimed at preventing fraud, manipulation, proper disclosure, and conflicts of interest.

The SEC's actions cornered crypto companies and accused their business models of often disobeying securities laws. Gensler admitted that his party had tried to hold constructive talks with several crypto companies.

He stressed the importance of compliance with existing regulations and laws. Recently, the SEC has reported success, in which one crypto entity submitted a request to him in the last two weeks. Even so, the SEC's actions are in a significant spotlight in the crypto industry and will affect the development and regulation of digital asset markets in the future.