Following the news of the SEC's lawsuit against Bitcoin exchange Coinbase, Chairman Gary Gensler joined CNBC's SquawkStreet.
Speaking about cryptocurrencies and its nature here, 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 for investment contracts have been clear for years. A change in this regard should not be expected for cryptocurrencies.
- These platforms, which call themselves exchanges, are not careful about keeping customers' funds separate. We 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. Currently, Dollar, Euro and Yen are also digital currencies. So what makes these cryptocurrencies valuable?
- If cryptocurrencies have a value, this value can only be revealed by gaining the trust of the public.
- Without trust, the crypto industry won't work."