SEC Chief: No More Crypto Needed

Gary Gensler spoke on CNBC and said there shouldn't be more digital currency. This comes after Coinbase and Binance were charged.

Coinbase is facing charges from Gensler. He said that the exchange didn't protect investors properly. The charges are about Coinbase breaking US securities laws.

New update: Gary Gensler, the Chair of the SEC in the United States, believes that there is no need for additional digital currency.

Gensler Addresses Coinbase Allegations

Regulation is super important in the digital asset world. People have been asking for it since the beginning. There needs to be clear rules to govern the industry that is growing really fast. But it feels like exchanges and crypto companies aren't really listening to what the agencies in charge have to say.

The SEC Chair, Gay Gensler, spoke out after two high-profile exchanges faced charges. He said there is no need for more digital currency. He made this statement on CNBC's Squawk Street.

Binance and Coinbase got charged in the cryptocurrency industry. Binance faces 13 charges. Coinbase is also getting regulatory action.

SEC stated Coinbase violated US securities laws. It also claims that the exchange acted as an unregistered national securities exchange, broker, and clearing agency.