Back to the list

Brian Brooks Suggested Listing Crypto On The US Exchange If It Is Security

Anna Martynova

In a recent meeting with Congress, the heads of cryptocurrency companies tried to persuade Congress to divide cryptocurrency from the traditional financial structure and treat it as a different type of asset. The head of BitFury has raised the issue of XRP in front of congressmen. Brian BROOKS has suggested to Congress that XRP should be listed on any US regulated exchange as long as regulators such as the SEC treat it as a security without limiting its functionality and operation.

Brooks used the XRP example to point out an existing problem with placing digital or crypto assets under traditional financial regulation. To treat cryptocurrencies like securities, the regulator must gain full control over the digital asset to protect American investors, which is not possible due to the decentralized nature of some assets.

According to Brooks, regulators should treat digital assets as what they are, rather than push them beyond the currently existing definitions. According to the CEO of BitFury, digital assets have a value that people are willing to pay for and also represent a certain activity.

Image: Medium

Back to the list