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The U.S. doesn't need any more digital currency, said the Securities and Exchange Commission chief Gary Gensler, as his agency sues Binance and Coinbase for operating unregistered securities exchanges.

In an interview with CNBC on Tuesday, Gensler denied claims his approach was muddying the legal position around crypto, and also suggested there were parallels between his case against Binance Chief Executive Officer Changpeng "CZ" Zhao and the criminal case against FTX founder Sam Bankman-Fried.

"We don't need more digital currency… we already have digital currency, it's called the U.S. dollar," Gensler said. "We have not seen, over the centuries, that economies and the public need more than one way to move value."