Bitfury CEO and former currency controller Brian Brooks has hinted that the US regulatory environment could drive many cryptocurrency companies out of the country, and has already hampered companies trying to offer a variety of financial products.
In a hearing Wednesday on digital assets and the future of finance with the House Financial Services Committee, Congressman Ted Budd said he feared that the current policy of regulation by law enforcement in the United States it could “force the next generation of fintech to be created outside of our country.” Speaking on behalf of Bitfury, Brooks said:
“There are some products that are legal in other countries and they just aren’t here,” Brooks said. “One of the things that makes cryptocurrencies risky is that consumers may not understand the difference between one token and another, so they may want to diversify […] We don’t allow that in the United States – we do allow it in Canada, we allow it in Germany, Singapore, Portugal and a number of other places. ”He added:
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