Brian Brooks, the former CEO of Binance.US, has spoken harshly about the SEC. Stating that the US’s delay in adopting the cryptocurrency was due to the SEC, Brooks talked about the mass immigration out of the US due to stifling regulations.
Brian Brooks, who attended the congress that took place on Wednesday and lasted for more than 5 hours, turned all the arrows to the Securities and Exchange Commission (SEC) in his speech at the congress.
Brooks, who also served as the head of the Office of the Currency Inspector for a period, stated that the USA was behind on cryptocurrencies;
“This is because the Securities and Exchange Commission has consistently refused to approve products that other G20 countries have approved.”
he said. The former CEO emphasized that the SEC is the most important reason why the US is “arguably” behind the curve, while “There are some products that are legal in other countries and are not legal here.” said.
He stated that just because of these regulations, many projects were shifted out of the country and lost to countries such as Canada, Portugal and Singapore.
Brooks also said that ETF developers will have to go abroad.
Will the SEC’s Attitude Change?
As it is known, the SEC has always approached cryptocurrencies cautiously, and often exhibited an oppressive attitude. It took more than 8 years for the famous regulator to approve the first Bitcoin futures ETF in the country.
SEC Chairman Gary Gensler, known for his pro-crypto attitude, came to the fore when he referred to the cryptocurrency ecosystem as the “Wild West”. According to Gensler, increasing regulation on the field is now inevitable. It remains to be seen whether the SEC’s stance on cryptocurrencies will change.