TL;DR Breakdown
- Brian Brooks says US was pivotal to crypto growth.
- Brooks questions why SEC has not spot BTC ETF.
Former Binance US CEO Brian Brooks has said that the US is unquestionably behind the curve fostering crypto growth.
Brian Brooks, who is now the CEO of the Bitfury Group, said this when he testified before the Congress, answering some of the key questions pertaining to the regulatory landscape in the crypto space.
The former chief of the US OCC, while testifying, was asked by Congressman Tedd Budd if the US was “behind the curve” when it comes to fostering a pro-growth environment for crypto; he replied “unquestionably.”
He said he asked this because the former OCC boss fairly understands the challenges of the regulators when it comes to dealing with crypto regulations.
What US is getting wrong with crypto – Brian Brooks
Brooks lashed out at the US Securities and Exchange Commission (SEC) for consistently refusing to approve the spot Bitcoin ETF in the US markets. He noted that the actions of the SEC had driven legitimate activities offshore, thereby harming US investors, innovators, and workers.
He also pointed out that America’s best-known investment advisors – Fidelity – had to move to Canada to launch their spot Bitcoin ETF while other countries like Germany, Brazil, and Singapore give the green light to physically-backed crypto ETFs.
Brooks questioned why the US SEC finds it difficult to approve such a product.
When asked why Fidelity went to Canada to launch its Bitcoin ETF and ETFs are being approved in Brazil and Singapore but not the USA, Brooks said it was because the Securities and Exchange Commission has consistently refused to approve products that other G20 nations have approved”.
Congressman Tedd Budd noted that the United States holds a huge economic opportunity with crypto. However, he fears that the current regulatory state will crack down on an industry which the regulators have failed to understand so far.
