Brian Brooks, former CLO of Coinbase, tells Congress to “let them in” as XRP reacts by 15%
According to Brian Brooks, As CEO of Bitfury, Congress should ‘let crypto in’, meaning that current legislation should be made more tolerant of crypto and restrictions on its use in the economic space should be lifted as the crypto poses no threat to the US economy.
Brooks also stated that digital assets should be treated as what they are instead of pushing them through the boundaries of currently existing definitions. Digital assets have a value that people are ready to pay for, and they also represent some kind of underlying activity, he says.
On December 8, CEOs of six major crypto firms addressed the United States House Financial Services Committee in a session titled “Digital Assets and the Future of Finance: Understanding the Challenges and the benefits of financial innovation in the United States ”.
A possible Coinbase relisting?
According to U.Today, Brooks cited the example of XRP to highlight the problem with bringing digital or cryptocurrency assets within traditional financial regulatory frameworks, adding, “If XRP is security, list it on a US exchange.” This appears to have rekindled interest in the possibility of fresh XRP re-listings.
When the SEC announced its lawsuit against Ripple, several exchanges decided to remove the XRP token, including Coinbase. XRP trading was suspended on Coinbase on January 19, 2021 and the rest at the time of publication.
As of press time, XRP traded at $0.91 after marking intraday highs at $0.96.
