SEC Chair Gary Gensler said look we don’t need more digital currencies. We already have a digital currency. It’s called the US dollar.

Gary Gensler Chair of the U.S. SEC gave an interview to CNBC.

Gary Gensler said crypto platforms should comply with U.S. securities laws to protect investors.

“I think there’s been clarity for years, the investing public has the benefit of the U.S. securities laws. Crypto should be no different, these platforms need to come into compliance and protect the investing public.”

Gary Gensler said Mr. Changpeng Zhao is trying to evade U.S. laws.

“These trading platforms, they called themselves exchanges. Co-mingling a number of functions, which in traditional finance we don’t see the New York Stock Exchange also operating a hedge fund. Binance is having a sister organization flooding the platform with transaction called wash trading and lack of control in the platform.”

“It is a web of deception and conflict, along with control person Mr. Zhao is trying to evade the U.S. laws.

Gary Gensler said we don’t need more digital currencies because we already have the dollar.

“There are 10 to 20 thousand tokens. On Coinbase wallet, you can trade 16,000 different tokens. Look we don’t need more digital currencies. We already have digital currencies. It’s called the US dollar. It’s called the Euro. It’s called the Yen. They are all digital right now.