According to Brian Brooks, Biden officials are openly hostile to cryptocurrencies. These are the words of a former American banking regulator, current leader of Bitfury at a conference in Washington. He decried the current leadership of federal regulatory agencies as being “ openly hostile to cryptocurrencies “. This situation could have important repercussions on the global financial sector.
Crypto: Claims from Brian Brooks
Former top US banking regulator Brian Brooks has claimed that Biden executives are openly hostile to cryptocurrencies. According to him, it is in fact a political question. Right now, the people in the White House are dedicated.” to curb this phenomenon, if not to destroy it “. So he added that a number of things he has heard over the past 24 hours in DC have convinced him of this.
Brian Brooks was a former Comptroller of the Currency towards the end of Donald Trump’s administration. He was also a former executive of Binance US and Coinbase. Today, Brooks is the CEO of Bitfury which is a crypto services company. He backed up his remarks during an onstage interview at DC Fintech Week. This is a conference organized in Washington by the legal center of Georgetown University. It was on this occasion that Brooks claimed that Joe Biden’s administration is openly hostile to cryptocurrency.
Risks of financial market collapse
Brooks then compared the current state of the crypto industry to the financial sector after the 2008-2009 global financial crisis. He also compared this industry to Silicon Valley after the bursting of the Internet bubble. Finally he compared the collapse of Celsius, Terra and Three Arrows Capital to the financial collapse caused by the over-indebtedness of parts of the financial sector during the crisis. He asserted that the latter represented only a relatively small part of the overall financial sector.
“ It doesn’t take much to blow up a financial market “, did he declare. Truth be told, a very slight rise in defaults inside Fannie Mae’s book was enough to cause the entire financial crisis. They may have been 2% of the crypto market, but Bitcoin fell 80%, Brooks added, speaking of bankrupt crypto projects.
These were the explanations of Brian Brooks during his interview on the DC Fintech Week stage.
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