The fact that the SEC sued Binance was a bombshell in the cryptocurrency ecosystem. The SEC has made its next move to Coinbase. in the report It was stated that the US-based crypto exchange Coinbase operates as an unregistered brokerage house. Right after that SEC Chairman Gary Gensler, He made some statements on the subject in his live broadcast on CNBC.
Gensler: We don’t need any more digital currencies
SEC Chairman Gary Gensler, participated in the CNBC live broadcast. Gensler, who came to the fore with his negative comments about cryptocurrencies, touched on similar points in the broadcast. Noting that there are too many cryptocurrencies, Gensler underlined that there is no need for more digital money. Also, Gensler said the platforms have a network of people trying to evade the law. Gensler gave the following words in his speech:
If there really is any value in crypto, SEC compliance creates a trust.
Gensler added that the SEC is ready to work with the crypto industry for compliance.
Another issue Gensler touched on in the broadcast was the Binance case. In its Binance filing, it stated that companies claim to be trading largely against their own customers.
#SEC President Gensler’s comments:
– Some platforms and individuals are trying to evade the law.
– I’m proud of the investigation team, we do our job by the book.
– They take steps that are not allowed in traditional finance. Even though our conversations with them were positive…
— Cointelegraph Türkiye (@CointelegraphTR) June 6, 2023
Shares of Coinbase also fell 20 percent with the news of the lawsuit.