Former OCC Head Brian Brookes Says The US Is Behind The Curve On Cryptocurrency, Blames The SEC For It

Former OCC Head Brian Brookes Says The US Is Behind The Curve On Cryptocurrency, Blames The SEC For It
фото показано с : zycrypto.com

2021-12-10 19:24

Brian Brooks, ex-CEO of Binance.US has blamed the SEC for the US lagging in cryptocurrency adoption.He blamed the mass migration of creators out of the US because of stifling regulations.Six top cryptocurrency CEOs met with Congress on Wednesday in a hearing that lasted over 5 hours.

Brian Brooks has bared his mind on the state of America’s cryptocurrency adoption and fears that the country could play second fiddle to other countries that are ramping up adoption. He points accusing fingers at the Securities and Exchange Commission.

The US Is Behind The Curve

Congressman Ted Budd in the recent cryptocurrency hearing of CEOs with the House Committee On Financial Services in the crypto space posed a question to Brian Brooks about his opinions on the stance of regulators in the US. Brooks, a one-time head of the Office of the Comptroller of the Currency and ex-Binance.US CEO, answered that the country was lagging.

“It’s because the Securities and Exchange Commission has consistently refused to approve products that other G20 nations have approved,” said Brookes. He added that this was a key reason why the US is “unquestionably” behind the curve. “There are some products that are legal in other countries and are just not legal here.”

He noted that the regulations have spurred several projects to migrate out of the US to newer jurisdictions like Canada, Portugal, and Singapore. “If you’re a developer of ETFs, there is no fuzzy line. It’s super clear – You cannot do that here, so you have to go abroad.”

The CEO of Bitfury suggested that the problem of cryptocurrency regulation in the US is a result of the multiplicity of regulators in the space. He noted that the fragmented approach to regulation hinders innovation in the space and went on to cite the example of having three regulators that regulate the banking sector. The ex-regulator notes that the creation of a new body for the regulation of cryptocurrencies is not the solution.

“The last thing we need to do is add another regulator to a system that’s already got dozens of regulators,” said Brooks.

The Stumbling Block Of The SEC

The SEC has dragged its feet in the approval of certain cryptocurrency products in the past. It took the regulator over 8 years to approve the first Bitcoin future-based ETF in the country as it played catch up with its peers. The cryptocurrency community is holding its breath whether or not the Commission will approve a spot Bitcoin ETF.

The SEC has been embroiled in a legal tussle with Ripple Labs over the supposed sale of a $1.3 billion unregistered securities offering. The Commission threatened to sue Coinbase over the proposed financial product that will allow users to earn interest on digital assets.

SEC Chair Gary Gensler has in the past referred to the cryptocurrency ecosystem as the Wild West and has made calls for increased regulation in the field.

Similar to Notcoin - TapSwap on Solana Airdrops In 2024

origin »

Global Cryptocurrency (GCC) на Currencies.ru

$ 0 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 0.00 %
Cегодня L: $0 - H: $0
Капитализация $0 Rank 99999
Цена в час новости $ 0.0034358 (-100%)

brian cryptocurrency sec brooks blamed met congress

Источник: zycrypto.com

brian cryptocurrency → Результатов: 126


“Nobody’s Going to Ban Bitcoin,” says Comptroller of the Currency; ‘Clarity’ Coming in Early 2021

The acting Comptroller of the Currency (OCC), Brian Brooks, said on Thursday that new regulations on bitcoin and cryptocurrencies are coming soon. Brooks appeared on CNBC’s “Squawk Box” to talk about “clarity” on the leading cryptocurrency to be expected in the next six-to-eight weeks but made it very clear that “nobody’s going to ban bitcoin.

2020-12-5 17:06


Фото:

Hedge Fund Manager Brian Kelly Says Increasing Institutional Interest in Bitcoin Down to its Fixed Supply

Hedge fund manager Brian Kelly says the surging number of institutional investors owning bitcoin is down to the digital currency’s core value proposition- a fixed coin supply. On the other hand, the same institutional investor interest is helping to build confidence in the top cryptocurrency while taking away some of the perceived risks.

2020-11-14 07:00


Crypto Exchange Coinbase Is ‘OK being Political’ About One Particular Area

San Francisco-based cryptocurrency exchange Coinbase is losing about 5%, about 60 of its employees following its mandate barring political activism at work. Chief executive officer Brian Armstrong shared this on Thursday in a blog post where he said these employees had accepted an exit package offered to employees who are bothered by the policy.

2020-10-9 22:04


Brian Kelly: ‘Bitcoin to Be More Valuable Than Apple in 5 Years’

Cryptocurrency hedge fund manager Brian Kelly has been the voice of crypto on Wall Street. He has not shied away from going out on a limb for bitcoin in front of his clients and peers. For Kelly, who is at the helm of digital currency investment firm BKCM, sometimes the bets have paid off, while […] The post Brian Kelly: ‘Bitcoin to Be More Valuable Than Apple in 5 Years’ appeared first on BeInCrypto.

2020-9-26 02:27


Фото:

As U.S Greenlights Banks to Hold Crypto, Is XRP on the Cusp of Highly Benefiting From This?

The news that U.S. Banks are now allowed to hold cryptocurrency has caused a ‘ripple effect’ in the industry. Announced by the Office of the Comptroller of the Currency (OCC), headed by former Coinbase executive Brian Brooks, the news marks a new development in the industry, where crypto custody was once towered by the likes […]

2020-7-24 21:53


Фото:

Monero is up 30% over the past week; what are the major factors behind its upsurge?

Monero (XMR), the biggest privacy-focused cryptocurrency by valuation, increased from $44 to $58 in the past seven days by a staggering 30 percent. Behind its abrupt increase in price are an all-time high hashrate, Coinbase CEO Brian Armstrong’s optimism towards anonymous cryptocurrencies, and Monero’s strong technology that allows for real anonymity.

2020-1-8 15:27


CEO Coinbase вошел в рейтинг «восходящих звезд» TIME наряду с Билли Айлиш

Генеральный директор американской биткоин-биржи Coinbase Брайан Армстронг вошел в первую версию списка «TIME 100 Next» от редакции TIME. «Armstrong says an economy with widespread cryptocurrency adoption offers more opportunity than the current system.

2019-11-14 14:05


Фото:

Coinbase generated more operating profit from transaction fees than VC money

Coinbase, one of the largest cryptocurrency exchanges in the U. S. , has generated nearly $2 billion from transaction fees alone since its launch in 2012, CEO Brian Armstrong said. In an interview with Vanity Fair, Armstrong said the exchange generated more operating profit than all of the venture capital money it raised throughout the years.

2019-10-25 19:54


Фото:

Multisig Crypto Security Company Casa Expand Team With New Product Lead Brian Lockhart

Casa, founded in 2018 by Jeremy Welch – now CEO, is a blockchain company focused on providing financial self-sovereignty and leading security for Bitcoin private keys. Employing other prominent members of the Bitcoin community, such as CTO Jameson Lopp, Casa have grown rapidly despite the downturn in the crypto markets which marked most of 2018.

2019-8-17 19:08


дальше еще 77 новостей →

Партнеры Currencies.ru

Реклама на Currencies.ru

Самое свежее на Currencies.ru

Is Algotech a ‘buy’ after reports of Bezos involvement in Amazon AI efforts?

Jeff Bezos is reportedly concerned that Amazon.com Inc may be falling behind its big tech peers in artificial intelligence. Bezos sees transformative potential in AI An anonymous source that talked to CNBC this week also revealed that the founder and former chief executive is “very involved” in what $AMZN is doing to excel in the […]

US Senate votes to overturn SEC rule, allowing regulated firms to hold Bitcoin

60-38 in the Senate voted in favour of overturning the SEC rule. Bipartisan support signals a potential shift in crypto regulation. Presidential veto possible. In a landmark decision, the US Senate has voted to overturn a key Securities and Exchange Commission (SEC) rule that barred regulated financial firms from holding Bitcoin and other cryptocurrencies.

Jack Dorsey predicts Bitcoin will reach $1 million by 2030 amid regulatory challenges

Twitter co-founder Jack Dorsey has projected that Bitcoin’s value could soar to at least $1 million by the year 2030. In a recent interview with journalist Mike Solana on Pirate Wires, Dorsey shared his bullish outlook for the cryptocurrency, suggesting that it might even surpass this milestone within the next decade. This statement comes as […]

KangaMoon price prediction after Pompliano’s bullish remarks on Bitcoin

The sell-off in Bitcoin following the halving event was not unexpected, says Anthony Pompliano. He’s the founder of Pomp Investments.  What Pompliano said in a CNBC interview BTC now has its 200-day MA at a record high despite recent volatility which suggests the world’s largest cryptocurrency “continues to trend upwards over the long run”, he […]