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Brian Brooks, the current CEO of the Bitfury Group, testified behind the Congress on Wednesday, December 8, answering some of the key questions pertaining to the regulatory landscape in the crypto space.
Considering the fact that Brian Brooks has served as the former chief of the U.S. OCC, he fairly understands the challenges of the regulators when it comes to dealing with crypto regulations. While testifying on Wednesday, Congressman Tedd Budd asked Brooks whether if the U.S. was “behind the curve” when it comes to fostering a pro-growth environment for crypto, he replied “unquestionably”.
Given @BrianBrooksUS's previous experience as head of the OCC, I asked him if the U.S. government is "behind the curve" when it comes fostering a pro-growth environment for #crypto.
His answer: "Unquestionably."
This has to change.#Bitcoin #cryptocurrency pic.twitter.com/GtERWyx0zC
— Congressman Ted Budd (@RepTedBudd) December 8, 2021
Lashing Out At the U.S. SEC
Brian Brooks lashed out at the U.S. Securities and Exchange Commission (SEC) for consistently refusing to approve the spot Bitcoin ETF in the U.S. markets. He noted that the actions of the SEC have driven legitimate activities offshore thereby harming U.S. 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, Bazil, and Singapore are giving a green light to physically-backed crypto ETFs, why is it that the U.S. SEC finds it difficult to approve such a product, asks Brooks. He further goes on to pose some big questions to the regulations in this regard.
Why does Fidelity have to go to Canada to launch a #bitcoin ETF, why are spot ETFs ok in Brazil and Singapore but not the USA???
Good questions.
US mega behind the curve on crypto regulations. Hope this hearing actually results in something positive. pic.twitter.com/tuJCSv2XlB
— Lark Davis (@TheCryptoLark) December 9, 2021
During his testimony, Congressman Ted Budd asked him why can’t we do all this stuff here in America. To which, Brooks replied:
“Sure, it’s because the Securities and Exchange Commission has consistently refused to approve products that other G20 nations have approved”.
The Republican 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. This might force the next generation of financial technology to be created outside America. “We can’t let that happen,” he adds.
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