Garry Gensler, Chairman of the US Securities and Exchange Commission (SEC), speaks live on CNBC about the lawsuits against Binance and Coinbase.
SEC chairman Garry Gensler:
Securities laws have been around for years, and no change should be expected. Cryptocurrencies should not be different from other securities, we need compatibility. Platforms that call themselves exchanges don’t care about keeping client funds separate, and they lack control.
Cryptocurrency exchanges host many functions and offer an illegal network to help some people evade the law. We talked about this in the Binance case.
There are thousands of tokens. More than 16,000 tokens can be traded through Coinbase’s own wallet. We don’t need any more digital currency. We already have digital currency US Dollar, Euro, Yuan. It’s all digital now. SEC compliance builds trust if cryptocurrencies have any real value. Ready to work with the cryptocurrency industry for SEC compliance.
Platforms like Binance are not suitable and reliable for storing funds. We expect fund managers to act harmoniously in this regard.
What we really need to show is that exchanges and brokerages must register with the SEC and comply with the rules in a way that indicates that they are against fraud and manipulation.