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If XRP Is Security, List It on U.S. Exchange: BitFury CEO to Congress

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Thu, 12/09/2021 - 10:07
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Arman Shirinyan
Brian Brooks suggests adding crypto to U.S. exchanges if regulators are considering them securities
If XRP Is Security, List It on U.S. Exchange: BitFury CEO to Congress
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In a recent meeting with Congress, crypto CEOs from various companies tried to convince Congress to separate crypto from the traditional financial framework and treat it like another type of asset. The BitFury manager brought up the XRP dilemma directly to congressmen and women.

Brooks' suggestion

The former CLO of Coinbase, Brian Brooks, suggested that Congress list XRP on any legal U.S. exchange if regulators like the SEC are willing to treat it like a security without limiting its functionality and work.

Brooks has used the XRP example to point out the existing issue with putting digital or cryptocurrency assets under the traditional financial regulatory framework. In order to treat cryptocurrencies like securities, a regulator would have to gain full control over a digital asset to protect U.S. investors, which is impossible due to the decentralized nature of some assets.

How to recognize cryptocurrency?

According to Brooks, regulators and officials should treat digital assets 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, the BitFury CEO states.

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Brooks has also added that Congress should let crypto "in," referring to making currently existing regulations more tolerant toward crypto and stopping the limits on its functionality in the economic space since they do not pose any threat to the existing economy of the United States.

XRP itself has not reacted to the shout-out in Congress by the crypto industry representative and has been continuously trading in the same $0.85 range as previously. Currently, the cryptocurrency is moving with a neutral 0.03% of daily growth at press time.

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About the author

Arman Shirinyan is a trader, crypto enthusiast and SMM expert with more than four years of experience.

Arman strongly believes that cryptocurrencies and the blockchain will be of constant use in the future. Currently, he focuses on news, articles with deep analysis of crypto projects and technical analysis of cryptocurrency trading pairs.