Incoming Binance.US CEO Brian Brooks on his new role, crypto craze
Our next guest served as a controller
acting control of currency under president trump as well as the chief legal officer at coinbase just this morning it was announced that he'll become ceo at binance u.s that's the American arm of the crypto exchange finance brian brooks joins us now what was the thinking uh everybody has heard of binance i think binance u.s needed to be created to use all the technology of binance but the regulatory regime is different in the united states brian is that
is that how it works well yeah it is joe let me just say first of all though i've never been let in with a michael corleone reference so i'm still kind of getting that but look here's here's the real point is that binance u.s and binance are really entirely separate companies and finance 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 and as i tried to show at the occ we need better clarity in this country. To let people productively invest in
this new important technology that's one of the things i'm going to do at finance us is to help continue to shape that dialogue you saw that we've had john before we've talked about the volatility of some of the different assets but you saw bitcoin over the weekend i think on the coinbase uh excitement ran up to almost 65 000 and then one tweet or one you know implied threat that could come from regulations here knocked about 20 right off the top right off of a a trillion dollar asset brian what do you make of that and what kind of future do you see in terms of uh regulations here and around the world yeah you know you know joe on the price thing i mean i i i guess i mean what the numbers really show is there were lots and lots of days in the last six months when google stock went down 100 and 200 points and there were some days when uh when bitcoin went up and down but 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 pretty long time compared to two years ago when it might fall you know fifty percent in a week and fall another twenty percent the following week so i i don't actually see the volatility as as extreme as some people say look we're trying to build a fundamental technology here so these crypto assets are all you know you've not talked about it before. They're all about building networks and
in the early days of the internet a lot of those stocks traded way up and way down as people were looking for use cases but 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 you know the real issue is regulation and getting to a place where the united states can protect people from the real risks of money laundering and fraud and things like that while not disadvantaging u.s investors relative to people who live in asia and europe and other parts of the world what do you want finance u.s to be brian we've got a little less than two maybe a minute left then we're going to have to go but what do you what are your plans where do you want to take it look i mean binance us should be one of the two most important trading platforms in the united states and binance u.s should do a better job than others of adding value right margin and futures and derivatives in a legal licensed way that's where this companycan really add value is giving people choices on price and on product you saw the. The uh the coinbase uh ipo
did not an ipo but the direct listing and you saw where it i mean it had a market cap of almost 100 billion dollars at one point do you foresee similar uh a similar future for binance u.s and that was that realistic for the the for the potential look i i think the potential is enormous the potential is google size i think coinbase over time will go way up from where it is today and i think binance will be its main competitor shepard smith here thanks 
0 Comments