SEC Head: The Modern World Essentially Doesn’t Need Cryptocurrencies

The modern world essentially does not need cryptocurrencies and other digital assets, SEC Chairman Gary Gensler said on CNBC.

Gensler’s comments came after the SEC filed lawsuits against Binance and Coinbase.

The latter was accused by the Commission of illegally combining the functions of an exchange, a broker and a clearing agency. Among the claims against Binance, the regulator indicated the mixing of corporate and user funds that were sent to the company controlled by the founder Changpeng Zhao.

“These trading platforms, which they call exchanges, integrate a number of features. We do not see in traditional finance that the NYSE also manages the hedge fund markets, ”said Gensler.

Regarding the timing of filing claims against relatively long-established companies, the head of the SEC said that the time was needed to “do everything by the rules.” At the same time, he stressed that the public should not doubt the effectiveness of the agency’s oversight of the sector.

Source: bitcoinlinux.com