Crypto tokens plunged this week after Gensler stepped up SEC's industrywide crackdown

2023-06-09 20:08:33  • 5 mins

Key Points

  • Binance's native coin tumbled this week along with several other cryptocurrencies after SEC Chair Gary Gensler made clear he's deepening his crackdown on the industry.
  • The SEC sued Coinbase and Binance, accusing both of selling unregistered securities, among other charges."
  • "We don't need more digital currency," Gensler said in an interview with CNBC.

Gary Gensler, Chair of the U.S. Securities and Exchange Commission, takes his seat before the start of the Senate Banking, Housing, and Urban Affairs Committee hearing on Oversight of the U.S. Securities and Exchange Commission on Tuesday, Sept. 14, 2021.

Bill Clark | CQ-Roll Call, Inc. | Getty Images

SEC Chair Gary Gensler stepped up his attack on the crypto industry this week, suing Coinbase and Binance for securities violations and casting doubt on the future of token trading.

Crypto investors took the hint. Four of the 10 most valuable coins plunged in value by at least 15% this week, according to CoinMarketCap, a selloff sparked by the lawsuits and Gensler's interview with CNBC on Tuesday, in which he said "we don't need more digital currency."

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