SEC Chairman describes the digital arena as filled with fraudsters and scammers

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The Chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, is facing pressure due to recent lawsuits filed against the Binance and Coinbase exchanges. Gensler affirmed in an interview that digital assets are securities and must be registered with the SEC before being offered to investors. He also emphasized that cryptocurrency exchanges must register themselves with the regulatory body.

Gensler described the current digital landscape as filled with fraudsters and scammers, emphasizing that unregulated markets for digital assets should not be allowed to undermine public confidence in capital markets. He rejected the idea of ambiguity regarding whether digital assets are securities.

The SEC has filed lawsuits against Binance and Coinbase for allegedly selling unregistered securities and operating as unregistered trading platforms and brokers in the United States.

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