Brian Brooks, the newly-appointed CEO of Binance.Us, the US arm of the world's top crypto exchange Binance, shared his insights into the company and the crypto market.
What Happened: Brooks, who served as the president of the Office of the Comptroller of the Currency (OCC) under Trump and as chief legal officer at Coinbase Global Inc (CRYPTO: COIN), said that he believes that the cryptocurrency market closely resembles the early days of the internet.
When asked for his opinion on the recent Bitcoin correction during a CNBC interview, he said he doesn't see the current volatility as extreme as some people say.
"If you look at year-to-date returns on Bitcoin, it's significantly net positive better than the stock market and it's traded between fifty thousand and seventy thousand for a pretty long time."
"<…>at the end of the day it's fundamental technology, meaning finance is going to be built on top of these networks, so I'm not too worried about it in the short term," he added.
Brooks also pointed out that Binance and Binance.Us are completely separate companies because the United States has its own crypto regulations.
What Else: The newly-appointed CEO also said that the real issue in the space is regulation and said that during his time at the OCC, he tried to show the regulatory body that the crypto asset space needs more regulatory clarity to allow for investments to flow more freely into the industry.
"Binance.Us was set up as a separate company specifically because the US has its own regulatory regime around these kinds of assets, and obviously there are tens of millions of Americans who want access to this stuff."
Image: Courtesy of Binance
