The former head of Binance’s US arm says the Biden administration is trying to prevent stablecoins from entering the US economy.
In a new interview on CNBC’s Squawk Box, former Binance.US CEO Brian Brooks says the White House appears to have an anti-stablecoin agenda.
“I think the government has made it pretty clear that they oppose stablecoins entering the economy, and it’s not entirely clear how.
When I say they are against, I say it because former chair Maxine Waters, who essentially led her Democratic colleagues to strike the stablecoin law after spending a year helping the committee chair draft that law , reportedly because the White House threatened to veto it.
It is not clear why it is so important for the administration to keep stablecoins out of the discussion, but I think that is their policy.”
Brooks compares US-backed stablecoins to Bitcoin (BTC), saying they act as a tool for people in emerging economies to fight inflation by allowing them to take refuge in dollars, which typically inflate much more slowly than their own. currencies. .
“For some reason people keep declaring Bitcoin dead when in fact it outperforms the S&P in any given year, but that is a topic for another day.
What stablecoins are really about are just payment instruments. The idea is that stablecoins are a faster and essentially free internet-based way to hold and transfer money to people, and in the developing world, where it really matters how quickly inflation eats into your savings, it’s much more important than in the US. , there is a demand for these products.
That’s one way for us to make the dollar relevant again at a time when governments around the world are trying to decouple from the dollar. That’s a really pretty important policy issue.
It’s not about crypto, it’s about the role the United States plays in the financial system.”
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Featured image: Shutterstock/Natalia Siiatovskaia/Tithi Luadthong