- Brooks compared the collapse of Celsius, Terra, and Three Arrows Capital to the economic meltdown
- This meltdown caused by excessive leverage in some parts of the industry during the crisis
- The financial crisis was caused by a very slight uptick in defaults
According to Brian Brooks, a former Comptroller of the Currency, leadership in Washington is overtly hostile to cryptocurrency.
The remarks were made at a conference in Washington by the current Bitfury executive as well as the former executives of Binance.us and Coinbase.
The remarks of Bitfury’s current CEO
Brian Brooks, the current CEO of a crypto company and former senior U.S. bank regulator, criticized the leadership of federal regulatory agencies as overtly hostile to crypto.
Brooks stated that this is, in fact, a political issue.
A number of the things I’ve heard, even in the last 24 hours in D.C., have convinced me that the current leadership is committed to limiting, if not eliminating, this.
In the final days of the Trump administration, Brooks, who is now the CEO of the digital asset service company Bitfury, served as Comptroller of the Currency.
During an on-stage interview at D.C. Fintech Week, a Washington conference hosted by Georgetown University’s Law Center, he made the remarks.
He went on to draw parallels between the financial sector following the global financial crisis of 2008-09 and Silicon Valley following the dotcom bubble’s collapse and the digital asset industry’s current state.
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Why Biden can be characterized as anti-crypto?
As early as September 2022, Joe Biden demanded more regulations for cryptocurrencies, which he claimed had grown in popularity.
Indeed, in accordance with Biden’s instructions, the industry needed to aggressively pursue illegal practices and monitor complaints in order to safeguard customers and combat deceptive and abusive practices.
In point of fact, the President of the United…
