By Michael Scott
The immediate former boss at Binance US is joining Hashdex, optimistic of beginning a second stint in the digital asset space. Brian Brooks’ return to the cryptocurrency fold is imminent as he joins the crypto-oriented asset manager Hashdex.
Brooks Brief Session in Binance US Overlooked in Hashdex Presser
Brooks served in the embattled Binance Us before stepping down after only serving 120 days as the chief executive. He is certain of joining the board of governors as the crypto-focused asset manager.
Hashdex has revealed in a statement lauding Brooks achievements as the chief legal officer at Coinbase. Also, the press release cited his experience nurtured while serving as the US Comptroller of the Currency. Conspicuously, Hashdex intentionally excluded the four months Brooks served as the chief executive at Binance US.
His resignation in August 2021 ended his service to Binance US, where he replaced Catherine Coley. He explained the abrupt resignation as inevitable given the apparent differences in the crypto exchange’s strategic direction.
Brooks to Bridge Traditional Finance and Crypto Ecosystem at Hashdex
Brooks joining Hashdex is a major coup for the asset manager leaning towards cryptocurrencies. His recent involvement in cryptocurrencies arose from being a partner in the Valor Capital Group. The firm has recently invested in Hashdex.
Brooks is set to become Valor’s representative within the Hashdex board. Hashdex is optimistic about leveraging Brooks expertise in crypto. In particular, the entrepreneur will provide counsel services on global regulation matters.
The press release aims to accelerate Hashdex’s pursuit of expanding in global markets. The firm seeks to facilitate institutional investors to gain exposure to crypto assets. Brooks task will bridge the gap between conventional finance and the crypto ecosystem. His involvement is critical given that it coincides with the brutal clampdown various U.S. regulators portray.
Brooks’ input in the Comptroller of Currency makes him the ideal asset as Hashdex aims to avoid becoming a victim of enforcement actions that befell Kraken, Bittrex, Binance, and Coinbase. The uncertainty in the US regulatory approach on crypto assets necessitates the engagement of experienced counsel.
A revisit of the week’s activities features Ritchie Torres’ scathing attack on the Securities and Exchange Commission (SEC) chair, Gary Gensler, for orchestrating a reckless assault on cryptocurrencies. The New York Congressman accused the chair of intending to sabotage the crypto industry, thus draining crypto assets from the US.
Brooks’ Profiled as Thoughtful and Innovation-Driven in Crypto
Hashdex co-founder Marcelo Sampaio acknowledged Brooks’ capability to push thoughtful and innovation-driven reforms. He opined that the former Coinbase legal officer had nurtured crypto and financial regulation experience. Tapping into the expertise would help Hashdex satisfy the core mission of providing investors simple and safe access to the crypto ecosystem.
Brooks downplayed the recent turmoil that befell the crypto assets industry as inhibitive of the crypto sector’s recovery. He predicts that crypto assets will change the economics of almost all industries across the globe.
Hashdex Optimistic Brooks Engagement will Drive Crypto Adoption Momentum
Although base operations are in Brazil, Brooks’s engagement at the board level shows it follows the application of spot Bitcoin exchange-traded funds (ETF). Hashdex hit the headlines in 2022 when the Brazilian authorities approved its application to launch the decentralized finance (DeFi) ETF. The approval made Hashdex the pioneer in offering cryptocurrency exchange-traded funds (ETF) in Latin America.
Hashdex chief executive officer Samir Kerbage acknowledged that the quest for spot Bitcoin ETF portrays optimism of approval. He acknowledged the existence of multiple applicants, including BlackRock, Fidelity, VanEck, Invesco Galaxy, and Wisdom Tree. He illustrated that BlackRock’s filing is yielding a bullish development.
Kerbage observed that the crypto assets adoption is accelerating. He notes that the secular trend would continue as digital assets become integrated into mainstream industries. He portrayed optimism that Brooks’ arrival would fuel the momentum for Hashdex.