US Should Take Action To Bring Cryptocurrencies Into Financial System, Says CEO
According to Bitfury CEO Brian Brooks, US lawmakers should take steps to integrate crypto-related activities into the regulated financial system, while developing a “national policy for a decentralized Web 3.0 as they did for the Web 1 in the 90s “. The notice was given in testimony that was written ahead of a hearing at the House Financial Services Committee today.
Brooks is one of six executives who testified at the hearing on Digital Assets and the Future of Finance: Understanding the Challenges and Benefits of Financial Innovation in the United States. The other five included Jeremy Allaire, Co-Founder, Chairman and CEO of Circle, Samuel Bankman-Fried, Founder and CEO of FTX, Charles Cascarilla, CEO and Co-Founder of Paxos Trust Company, Denelle Dixon CEO and Executive Director of Stellar Development Foundation, and Alesia Jeanne Haas, CEO of Coinbase Inc. and CFO of Coinbase Global Inc.
In her testimony, Brooks wrote, “A national political agenda that takes crypto compliance seriously should assess whether it makes more sense to continue to keep crypto business largely outside the regulated financial system.”
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Brooks added that bringing crypto into a more regulated environment would also ensure that it can be properly overseen, including mechanisms to ensure companies are operating at “appropriate levels of risk management.”
Brooks further stressed that a national policy should be adopted to adequately facilitate the emergence of a Web 3.0 powered by crypto assets.
Brooks believes lawmakers should stop focusing on the small issues and instead focus on whether they think a decentralized user-controlled Internet is better than an Internet controlled by large corporations.
As a final key point, Brooks suggested that lawmakers should also consider the risks that exist in the current financial system when crafting a new crypto policy. Brooks said that during his sole tenure as Comptroller of the Currency, nearly $ 1 billion in penalties were imposed on banks and bank executives.
Brooks asked the question, “Shouldn’t we take seriously the possibility that algorithms and open source software that take a measure of human error, greed, neglect, fraud and prejudice? outside the system could make the system better on the net although there are new risks that need to be looked into and understood.