The CEO of Bitfury believes the cryptocurrency market doesn’t need separate regulation. Cryptocurrencies need to be integrated into the existing economic system.
Brian Brooks, CEO of Bitfury and former director of the Office of the Comptroller of the United States Currency (OCC), said in
interviewthat it is precisely those who support the introduction of laws regulating the cryptocurrency sector that prevent the expansion of the use of cryptocurrencies. He believes that if regulators are really determined to regulate the market, they will integrate cryptocurrencies into the existing banking system.
“If desired, they would allow the use of digital assets for clearing, abandoning automated clearing. People who say they want a regulated cryptocurrency market don’t allow it to become part of a regulated economy, ”he added.
Brooks believes that rules for banks could be drawn up by the Office of the Comptroller of the Currency (OCC), the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). He noted that the regulatory process should not lead to the creation of new organizations. They need to be integrated into the current financial system. For this, the organizations working in this system must be empowered.
“The challenge is to understand how cryptocurrencies fit into the existing economic system and help investors move forward.”
Brooks has already tried to forge the interaction of industries while serving as director of OCC. It allowed banks to hold cryptocurrencies, fiat reserves for stablecoin operators, and manage nodes for transactions. The process was hampered by the lack of clear regulations and the political situation. In early December, Brooks suggested that cryptocurrency companies might leave the US due to the existing regulatory framework.
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