The United States is “unquestionably” behind the curve when it comes to crypto ETFs, said Brian Brooks at a hearing.

Brian Brooks, CEO of Bitfury, said that authorities in the United States should handle crypto in the same way as other existing financial institutions, rather than developing a totally new agency to provide an unified approach to digital commodities.

The CEO of Bitfury, has warned that the regulatory framework in the United States may force many crypto enterprises to move to other countries, and has already hindered companies aiming to offer a range of financial products.

At a House Committee on Wednesday, Congressman Ted Budd expressed concern that the current approach of legislation by authorities in the United States would “force the next generation of financial tech to be created outside of our country.”. He asked Brian Brooks if the U.S. government is “behind the curve” when it comes fostering a pro-growth environment for cryptocurrencies and the CEO of Bitfury replied:

“Unquestionably.”

Due to the multitude of authorities monitoring banks, finance, and now digital assets, the former OCC chief indicated that the lack of authorization of crypto investment products was more of a result of the United States’ “fragmented approach to regulation.” Brooks offered a system in which conventional banking institutions would be regarded equally to cryptocurrency.

“If I’m a crypto lending platform, I should probably be regulated by the FDIC. If I’m a crypto trading platform, I should probably be regulated by the CFTC and SEC, but somehow we treat crypto, because it’s new, as different than everything else. I’m gonna argue that crypto is just a step function improvement in the system.”

CEOs from six key cryptocurrency businesses, including FTX, Circle, Paxos, and others, will also appear before a House Financial Services Committee hearing.

Patrick

Coincu News