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‘there’s been clarity for years’

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  • The SEC today sued Coinbase for violating U.S. securities laws.
  • Chairman Gary Gensler discussed it on CNBC’s “Squawk on the Street.”
  • Coinbase’s stock started off Tuesday by nearly 20%.

Coinbase Global opened trading down nearly 20% on Tuesday after the SEC sued the cryptocurrency exchange for violating U.S. securities laws.

Gensler spoke about the lawsuit on CNBC

Cryptocurrency companies, including Coinbase, demanding U.S. regulators have taken a clearer view over the years.

Interestingly, however, Securities and Exchange Commission Chairman Gary Gensler today dismissed the lack of clarity in the first place.

For years we have been transparent. Ordinary investors benefit from securities laws. Encryption should be similar. These platforms must be compliant and protect public investors.

Coinbase is still up about 45% year-to-date. A day earlier, the U.S. SEC filed a similar complaint against Binance and its CEO, Changpeng Zhao.

Gensler Says US Dollar Is Already a Digital Currency

CNBC’s “cry on the streetGensler also disputed the need for more digital currencies, especially since around 16,000 digital currencies are already tradable via Coinbase.

We already have digital currencies, US dollars, euros and yen. They are all digital. We are investing digitally. So what is the real underlying value of these tokens?

He also admitted that chasing Coinbase and Binance was not a sudden decision. Gensler added that regulators have been in talks with those companies whose business models are based entirely on securities law violations.

Remember what the SEC has done so far? could not prove XRP claimed to be a security in a lawsuit filed in December 2020.

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