The former head of Binance’s US arm says that the Biden administration is attempting to prevent stablecoins from entering the American economy.
In a new interview on CNBC’s Squawk Box, former Binance.US CEO Brian Brooks says that the White House appears to have an anti-stablecoin agenda.
“I think the administration has made it pretty clear they’re opposed to stablecoins penetrating the economy, and it’s not totally clear how.
When I say they’re opposed, I say that because former Chairwoman Maxine Waters, who led her Democratic colleagues essentially in a walkout of the stablecoin bill after having spent a year helping the Chairman of the committee craft that bill, reportedly because the White House threatened to veto it.
It’s not clear why it’s so important for the administration to keep stablecoins out of the discussion, but I think that’s their policy.”
Brooks goes on to compare US-backed stablecoins to Bitcoin (BTC) and says they’re acting as a tool for people in developing economies to fight inflation by allowing them to seek refuge in dollars which typically inflate at much slower rates than their home currency.
“For some reason, people keep declaring Bitcoin dead when in fact it’s having, in any given year, a performance that’s better than the S&P, but that’s a topic for a different day.
What stablecoins are really about is just payment instruments. The idea is that stablecoins are a faster and essentially free internet-based way of holding and remitting money to people, and in the developing world, where it really matters how quickly inflation erodes your savings, matters a lot more than it does in the US, there’s a demand for these products.
That’s a way for us to make the dollar relevant again at a time when governments around the world are looking to decouple from the dollar. That’s really a 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
