Gary Gensler, the chief of the Securities and Exchange Commission (SEC), denied claims that his agency was muddying the legal position around crypto in an interview with CNBC on Tuesday. He said that the U.S. does not need any more digital currency and that we already have digital currency, which is the U.S. dollar.

Gensler will prove that thousands of tokens tradeable on two of the biggest crypto exchanges are investment contracts that should have been registered with his agency. He stated that there has been clarity for years concerning the nature of securities law and that crypto firms need to come into compliance.

Furthermore, Gensler said that Binance affiliate Sigma Chain had corrupted numbers due to the lack of controls, and that the public can draw parallels between his case against Binance CEO Changpeng “CZ” Zhao and the criminal case against FTX founder Sam Bankman-Fried. The SEC’s suit does not allege fraud by Zhao, but it seeks civil penalties and a permanent ban on him acting as an officer or director of any securities issuer.