Gensler questions the need for cryptocurrencies.

The modern world essentially does not need cryptocurrencies and other digital assets, said Gary Gensler, chairman of the SEC on CNBC.

“Look, we don’t need more digital currencies. We already have them, and they are the US dollar, the euro or the yen. They are all digital now, as are investments,” said the regulator’s head.

The SEC’s filing against Binance and Coinbase.

The Commission accused the latter of unlawfully combining the roles of exchange, broker and clearinghouse. Among Binance’s alleged misdeeds, the regulator pointed to the mingling of corporate and user funds that were directed to a company controlled by founder Changpeng Zhao.

“These trading platforms, which they call exchanges, integrate a range of functions. We do not observe in traditional finance that the NYSE also runs hedge funds,” said Gensler.

Regarding timing of bringing charges against relatively long-standing companies, the SEC chief said time was needed to “do everything by the book.” He also stressed that the public should not doubt the regulator’s effectiveness over the sector.

“Investors benefit from US securities laws. Cryptocurrencies should not be an exception. These platforms, as intermediaries, should comply with regulatory requirements,” said Gensler.

Earlier in May, the official warned crypto-industry participants about the non-compliance of existing digital-asset markets with the law.