SEC Boss: 'We Don't Need More Digital Currency'

, platforms like Binance and Coinbase are"commingling a number of functions which in traditional finance we don't see." He drew a parallel between these platforms and the New York Stock Exchange, explaining that it would be unthinkable for the NYSE to also operate a hedge fund, make markets, and allow"'wash trading" — practices alleged to be common in the crypto platforms.

Gensler stressed that his concerns go beyond the platforms themselves, citing instances of potential deception, conflicts of interest, and evasion of U.S. law. Gensler emphasised the importance of the SEC's work in ensuring transparency and protection for the investing public, stating that they're"going to do that which we can in front of the courts and make -- to the extent we can, make the facts known and the public protected."Alex Dovbnya is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption.

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