• Formerly known as Binance. “We Should Be A $15 Trillion Industry,” says US CEO Brooks

  • Formerly known as Binance. Given recent adoption trends by key market players, US C.E.O. Brian Brooks believes that crypto could become a $15 trillion industry sooner than expected.

    The former C.E.O. noted the large number of “suits” in the now-concluded SALT conference on Tuesday, aside from interesting things that have to do with crypto companies. “That’s the news of crypto this year- crypto is going mainstream,” he said, referring to the large turnout of investment hedge fund managers, compliance firms, banks, and asset management firm representatives in attendance.

    As more companies join the crypto train with infrastructure investments, he predicts that the industry will grow to $15 trillion in value from its current $2 trillion valuation. Bitcoin’s price, which is currently trading below $50,000, will be sparked to rally past that resistance, according to him, by continued adoption and investment in the industry.

    “You need major institutional adoption; you need all of the companies on that main stage to invest, and that means mainstream management, large-scale custody, and crypto-native compliance solutions, not bank compliance native solutions.”

    He went on to say that there are a lot of companies innovating and building these solutions, and that if any of them can be at the top of one of the lists of companies that are making the world safe for crypto, it will be a huge success in the future.

    “This demonstrates future businesses, which is why the banks are attending this conference.”

    Brooks, who rose to prominence after an abrupt departure as CEO of Binance.US last month, only three months after taking the job, pointed to differences between his and CZ’s perspectives on navigating U.S. waters.

    Brooks was a former Acting Comptroller of the Currency at The Office of the Comptroller of the Currency (OCC), an independent bureau of the United States Department of Treasury that ensures a safe and sound national banking system for all Americans, before joining Binance.

    Although he declined to specify the specific differences that led to his departure from Binance, his long tenure at OCC and CZ’s rather aggressive approach to regulatory issues, which has repeatedly put the Exchange at odds with regulators around the world, could have influenced his decision.

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