BitFury CEO Tells Congress to List XRP on The US Exchange, If SEC Treat it as Security

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BitFury CEO Tells Congress to List XRP on The US Exchange, If SEC Treat it as Security
BitFury CEO Tells Congress to List XRP on The US Exchange, If SEC Treat it as Security

In a recent meeting with Congress, cryptocurrency CEOs from various companies tried to convince Congress to separate cryptocurrency from the traditional financial framework and treat it as a different type of asset. The BitFury manager addressed the XRP dilemma directly with congressmen and women.

BitFury CEO Advice the Congress

In his opinion on December 8, Brian Brooks, the former Coinbase CLO, suggested that Congress list XRP on any legitimate U.S. exchange if regulators like the SEC are willing to treat them as securities without limiting their functions and operations.

Brooks used the XRP example to point out the existing problems of placing digital or cryptocurrency assets under traditional financial regulatory frameworks. To treat cryptocurrencies like securities, regulators need to gain complete control over digital assets to protect American investors, which is impossible due to the decentralized nature of certain assets.

How Do You Recognize Cryptocurrency?

Brooks said regulators and officials should treat digital assets for what they are, rather than pushing them to break the boundaries of existing definitions. BitFury’s CEO stated that digital assets have value people are willing to pay for and that they also represent certain potential activities.

Brooks also added that Congress should allow crypto to “enter”, referring to making current regulations more tolerant of crypto and stopping restrictions on its economic functions as they will not affect the existing US economy.

XRP itself did not respond to calls from representatives of the crypto industry in Congress and traded in the same range of $ 0.85 as before. Currently, the daily growth rate of cryptocurrencies at the time of going to press is 0.03%.