SEC Chairman Talks About Cryptocurrencies After Coinbase Litigation!

of the SEC bitcoin stock market coinbaseAfter the news of the lawsuit filed against President Gary Gensler He appeared on CNBC’s show Squawk on the Street.

Here cryptocurrencies Speaking about and its nature, Gensler said:

• “Cryptocurrencies should not be different from other securities, they should be compatible.
• Cryptocurrency exchanges such as Binance and Coinbase combine many functions.
• Such crypto platforms offer a network that allows some people to escape the law and the rules.
• The rules on investment contracts have been clear for a long time and have not changed. In this context kNo change should be expected for cryptocurrencies either.
• These crypto platforms, which call themselves exchanges, are not careful about keeping their customers’ funds separate. We also drew attention to this issue in the Binance case.
• We do not regret what we have done, we do our job according to the rules.
• At this point, we don’t need any more digital money. We already have digital currencies. They are called US dollars, they are called Euros, they are called Yuan. It’s all digital now. So what makes these cryptocurrencies valuable? the question comes up.
• If cryptocurrencies have a value, this value can only be revealed by gaining trust.
• Without trust, the crypto industry will not function. In this context, the real value and trust in cryptocurrencies can emerge in compliance with the SEC.”

Pointing out that their sole purpose is to protect investors, Gensler “Our only goal is to protect investors. We recommend and call on crypto money platforms to meet and work with us here.” said.

Gensler added that the SEC is also ready to work with the cryptocurrency industry for investor protection and compliance.

.@SECGov business suing $COIN and @binance.

chair @GaryGensler tells @jimcramer: All we have to show is that one [token] is a security and they should be properly registering and having rule books against fraud and manipulation as an exchange, broker and the like. pic.twitter.com/3DJZTW0iNf

— Squawk on the Street (@SquawkStreet) June 6, 2023