In a recent interview, Gary Gensler, the U.S. Securities and Exchange Commission (SEC) Chair, declared that the United States does not require any other digital currency.
As the SEC takes legal action against major cryptocurrency exchanges Binance and Coinbase for allegedly operating unregistered securities exchanges, Gensler emphasized that the U.S. dollar already serves as a digital currency.
While his remarks sparked debates within the crypto community, Gensler defended his stance, highlighting the importance of trust and compliance in the evolving landscape of digital assets.
The Case For The US Dollar As Digital Currency
Chair Gensler expressed his skepticism towards the necessity of additional digital currencies, stating: “We already have digital currency. It’s called the U.S. dollar.” He emphasized that throughout history, economies and societies have functioned effectively with a single medium of value exchange.
Gensler further pointed out that existing fiat currencies like the dollar, euro, and yen already possess digital representations and can facilitate digital investments. His perspective challenges the notion that multiple cryptocurrencies are essential for economic transactions.
Gensler noted:
Look, we don’t need more digital currency. We already have digital currency. It’s called the US dollar. It’s called the euro. It’s called the yen. They’re all digital right now. We already have digital investments.
Despite his reservations about the need for numerous digital currencies, Gensler acknowledged the potential value of crypto tokens and suggested that “compliance and trust” would play a crucial role in shaping the industry’s future.
He recognized that if these tokens offer genuine value, complian
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Author: Edyme
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