BTC, ETH, And XRP Overcome Issues Of Legacy Financial Institutions, Says U.S. Bank Regulator
The crypto market looks bloody today, with most of the digital assets trading in the red.
The blockchain is a game-changer in the banking industry
It’s been revealed that the Trump administration’s new Acting Comptroller of the Currency Brian Brooks is saying that the blockchain tech is a potential game-changer in the banking industry.
He’s the former chief legal officer at the crypto exchange Coinbase and he is currently leading the federal agency that’s responsible for the largest banks in the US.
He believes that the blockchain could help bring the banking infrastructure into the digital age.
Bitcoin, Ethereum, and XRP have massive potential
In a new interview with Forbes, he addressed the first three digital assets as the best examples of the massive potential of the tech.
“Interestingly, he’s looking for decentralized networks in general — he cited Bitcoin, Ether and XRP in particular — to solve many of the problems hindering more than one-thousand financial institutions under his purview,” he said.
In his inaugural address on becoming Acting Comptroller of the Currency, Brooks suggested that a focus on innovation is really important, and this will be the main aim at the moment.
He also addressed the flaws that have been plaguing the traditional financial system SWIFT. This has been used by banks and financial institutions for decades, but it became flawed and the need for innovation has come.
He said that three days are needed to send money between the US and Europe and made sure to point out the fact that the Fed’s efforts to boost transaction speed and reliability are falling short of the “instantaneous and immutable” transfer speeds that can be touched with the help of the blockchain.
We recommend that you check out the complete interview.
CoinMarketCap is a website that provides cryptocurrency market cap rankings, charts, and more. It was purchased by Binance for $400M in 2020.
Coinbase is a digital currency exchange headquartered in San Francisco, California.
Andreas Townsend Author
I am a technical writer, author and blogger since 2005. An industry watcher that stays on top of the latest features, extremely passionate about finance news and everything related to crypto.