Former US Treasury Secretary: 'There Is No Doubt' The US Has Failed With Cryptocurrency ETFs

Bitfury CEO and former US Treasurer Brian Brooks has hinted that US environmental regulations could force more cryptocurrency companies out of the United States and potentially disrupt them.

US President Ted Budd held talks with the Home Office on Wednesday to discuss the future of digital and financial assets, as well as current US laws and regulations. “The next generation of financial giants will be born outside of our country,” Brooks told Bitfury. . To say it, time means:

“Some products are legal in other countries, but not in the United States. One of the things that makes cryptocurrencies dangerous is that consumers may not understand the difference between tokens and other tokens they would like. so have more diversity… We do it in the United States, but we allow it in Canada, Germany, Singapore, Portugal and elsewhere.

"If you are a developer (currency exchange), there are no clear limits. It's very real. You can't improve here, so you have to travel."

Bitfury CEO Brian Brooks spoke to the Home Finance Group on Wednesday.

Brooks has reported to the United States Securities and Exchange Commission (SEC) that there is a shortage of exchange-traded funds (ETFs) in the United States. The board recently approved ETF disclosure for Bitcoin futures contracts held by investment regulators ProShares and Valkyrie, but has yet to approve BTC or other crypto ETFs. In contrast, many US companies operating in Canada have asked local regulators for ETFs that have direct exposure to cryptocurrency.

However, the former head of the OCC said the lack of approval of cryptocurrency products is the result of "regulatory oversight" in the United States, due to many banks overseeing the banks, the finance and digital assets. Brooks announced a solution that treats existing financial institutions and cryptocurrencies alike.

Brooks said, "When people hear that we need a cryptocurrency regulator, I think we need to put a regulator in place for our bank first, but we have our 'The Last Thing We Need to do is add more admins. The school is in the process of building a school within a framework of governing bodies.

“If I am a crypto lending platform I should be regulated by the FDIC. If I were a crypto trading platform I would probably be regulated by the CFTC and the SEC like nothing else. Because cryptocurrency is, just one step in improving the system.

As of this writing, CEOs of Circle, FTX, Bitfury, Paxos, Stellar Development Foundation, and Coinbase Inc. have been questioned by U.S. lawmakers about state digital assets in the United States. The Cointelegraph reported earlier Wednesday that the family representative had raised concerns about managing the use of project tokens amid multiple consumer assets.