United States Securities and Exchange Commission (SEC) Chair Gary Gensler underscored CNBC on Tuesday there is no need for additional digital currencies, as the international financial system already includes digital US dollar, euro, and yen. "We already have digital investments," Gensler added.
The SEC chairman emphasized that "full, fair, and truthful" disclosure of digital tokens is critical and that platforms that provide crypto trading must adhere to the law because cryptocurrencies are "no different" from traditional securities.
"The platforms, which call themselves exchanges...flood the platform with transactions called 'wash trading' and the lack of controls, is really a web of deception and conflicts along with control person, Mr. Zhao, trying to evade US law," Gensler argued.
