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SEC Chairman Says Modern World Doesn’t Need More Digital Currencies

During a recent interview on CNBC SEC Chairman Gary Gensler made a bold statement and declared that the modern world does not require additional cryptocurrencies or digital assets . Gensler argued that existing digital currencies like the US dollar, euro and yen already serve as digital forms of money and investments .

Cryptocurrency Exchanges Function as Unauthorized Financial Institutions, Says Gensler

The SEC accused Coinbase of illegally combining the functionalities of an exchange, a broker and a clearing agency . Meanwhile Binance faced allegations of mixing corporate and user funds which were sent to a company controlled by its founder Changpeng Zhao . Gensler criticized these cryptocurrency trading platforms for integrating multiple features that go beyond the bounds of traditional financial institutions .
“We do not see in traditional finance that the NYSE also manages the hedge fund markets” Gensler said . He pointed out the concerns about the complex nature of these exchanges which often perform functions that are not typical in the traditional financial sector . The SEC chairman stressed that the mixing of different roles and the lack of clear boundaries pose challenges .

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