Former US Comptroller and current Bitfury CEO Brian Brooks pointed out some underreported aspects of stablecoins.  Covered: Brian Brooks Speaks To Congress Brian Brooks Says Stablecoins Are “New Payments Technology Difference Between Banks And Stablecoins The Not Necessarily Inherent Risk Of Crypto Investing Brian Brooks: Stablecoins Are “New Payments Technology” Brian Brooks is the true […] The post Brian Brooks: “Stablecoin Issuers Don’t Present All The Risks That Banking Presents.” appeared first on CryptosRus.

Brian Brooks: “Stablecoin Issuers Don’t Present All The Risks That Banking Presents.”

Former US Comptroller and current Bitfury CEO Brian Brooks pointed out some underreported aspects of stablecoins. 

Covered:

  • Brian Brooks Speaks To Congress
  • Brian Brooks Says Stablecoins Are “New Payments Technology
  • Difference Between Banks And Stablecoins
  • The Not Necessarily Inherent Risk Of Crypto Investing

Brian Brooks: Stablecoins Are “New Payments Technology”

 

Former US Comptroller Brian Brooks spoke to congress on Wednesday and pointed out key differences between stablecoins and banks.

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  • Congressman Frank Lucas (OK-03) asked the former Coinbase and Binance executive to clarify stablecoins for the committee: “Could you discuss what key fundamental differences between banks and stablecoin issuers are important for congress and regulators for when looking at regulatory proposals?”
  • Brooks first outlined the three main things that banks typically engage: deposit taking, lending, and payments. He then outlined how stablecoins, which Brooks views as a “new payments technology, only engage in the payment side of things. “Stablecoin issuers don’t present all the risks that banking presents. They don’t typically engage in lending or anything else,” Brooks clarified.
  • Brooks added, “a stablecoin is just the faster, most modern way of transmitting those values.”
  • The current CEO of Bitfury ended that portion of the hearing summarizing the key difference between stablecoins and banks. “Sometimes crypto is reducing risk, not increasing risk.”

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