Former OCC Chairman Brian Brookes Admits That The United States Is Behind The Curve On Cryptocurrency, Blaming The SEC
Brian Brooks has spoken out on the status of America’s bitcoin adoption and his concerns that the country may fall behind other countries that are accelerating adoption. He accuses the Securities and Exchange Commission of wrongdoing.
Congressman Ted Budd questioned Brian Brooks about his views on the regulatory environment in the United States at the House Committee on Financial Services’ recent bitcoin hearing of CEOs. Brooks, a former Comptroller of the Currency and ex-CEO of Finance.US, said that the nation was behind.
“That is because the Securities and Exchange Commission has routinely refused to approve goods that have been authorized by other G20 countries,” Brookes said. He continued by stating that this is a significant reason why the US is “unquestionably” behind the curve. “Some items are lawful in other nations but are not legal in this country.”
He added that the laws have resulted in the relocation of numerous projects from the United States to newer countries like as Canada, Portugal, and Singapore. “If you are an ETF creator, there is no such thing as a fuzzy line. It’s quite evident – you cannot do that here; therefore, you must go outside.”
According to Bitfury’s CEO, the issue of cryptocurrency regulation in the United States stems from the proliferation of regulators in the field. He emphasized that fragmented regulation stifles innovation in the field, using the example of three regulators overseeing the banking sector. The former regulator emphasizes that establishing a new regulatory organization for cryptocurrencies is not the answer.
“The last thing we need is to add another regulator to an already overburdened system,” Brooks said. The SEC has previously been slow to approve some cryptocurrency items. It took the regulator more than eight years to approve the country’s first Bitcoin futures-based ETF, as it played catch-up with rivals. The cryptocurrency world is waiting in anticipation of the Commission’s decision on whether to authorize a spot Bitcoin ETF.
The SEC is locked in a legal battle with Ripple Labs over the alleged sale of an unregistered $1.3 billion securities offering. The Commission has threatened to prosecute Coinbase over a financial product that would let customers to earn interest on their digital assets.
Gary Gensler, chairman of the Securities and Exchange Commission, has previously referred to the cryptocurrency ecosystem as the Wild West and advocated for more regulation in the space.