Speaking to Cointelegraph reporter Alex Cohen at the LA Blockchain Summit, Brooks said that cryptocurrencies are in a similar position as Internet 1.0 the old World Wide Web may have seem meek at best, but it has spurred a revolution unlike any other.
Brooks explained that the government naturally has a role in the regulation of the industry and that is to establish clear-cut rules for preventing money-laundering activities.
Brooks also brought into question the government expertise in developing technological products:
“The government has no history to build products that innovate and offer people good choices. They don’t issue travellers checks, American Express does.”
He makes a lot of sense, too, as he predicts that there is a real possibility for finances to be decentralised in the same way that communication is today.
Brooks noted that he doesn't advocate for that formula, but added that crypto was free to go its own way.
However, Brooks acknowledged that protecting consumers should be a priority.
Already this week, the FCA introduced a new ban due in 2021, targeting crypto derivatives sale, marketing and distribution to retail consumers.
The regulator argued that retail consumers don't necessarily have the tech-savvy to protect themselves.
Brooks agrees conditionally with that, arguing that the government must be involved and create a framework that protects consumers from coming in harm's way.
Some decentralised solutions, such as crypto casinos have already been successful in achieving this.
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