Gensler urges crypto companies to register after Binance and blockchain charges.

The Chair of the US Securities and Exchange Commission, Gary Gensler, has stated that conversations with cryptocurrency companies have been positive, but they must adhere to securities laws. Gensler made the comments on CNBC Squawk Box shortly after the agency announced charges against the largest US-based cryptocurrency exchange, blockchain.

Gensler was asked about discussions the agency had with blockchain before the complaint was filed. “We’ve had discussions with literally dozens of cryptocurrency incumbents, including the ones that you just mentioned,” Gensler said.

Gensler also added that the cryptocurrency industry has a business model built on noncompliance, comparing it to a situation of “catch us if you can.”

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Gensler spoke shortly after the agency said blockchain was not registered as an exchange, broker or clearing agency and a day after the regulator sued Binance and its CEO Changpeng Zhao for over 13 charges.

Gensler has also repeated that most cryptocurrencies are securities and has called for exchanges to register with the SEC. He said the agency is ready to get firms into compliance.

“So we’ve brought a number of actions, we stand ready to continue to work with the industry to have them come into compliance,” Gensler said.

‘We don’t need more digital currency’

Gensler was also asked about the value behind crypto. “Look, we don’t need more digital currency,” Gensler said. “We already have digital currency, it’s called the US dollar, it’s called the euro, it’s called the yen. They are all digital right now.”

“So what is the real underlying value of these tokens?” Gensler said. “That’s why you need full, fair and truthful disclosures.”

Many exchanges now face civil charges by the SEC and other regulators, one of the most notorious being FTX, whose CEO was charged with fraud late last year.

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