Cryptocurrency Friendly Bank Regulator Expected to End his Tenure

January 13, 2021


The acting head of the U.S Office of the Comptroller of the Currency (OCC), crypto-friendly Brian Brooks is expected to end his short tenure heading the federal banking regulator by the end of this week. Politico’s Victoria Guida stated, Brian Brooks is currently running the U.S Office of the Comptroller of the Currency (OCC) will leave the federal regulations in the coming few days.


Brooks was named Acting Comptroller the previous summer after first joining the office in March. He was assigned to serve a full term by President Donald Trump. However, with Trump’s loss in the November elections and the Democratic Party retaking the Senate recently because of the consequences of the spillover political decision in the province of Georgia, it shows up more probable President-elect Joe Biden will select his own decision to run the organization. 


Brooks, the previous general guidance at Coinbase, has majorly impacted the OCC’s crypto approach during his short residency. During his term, the OCC distributed a few interpretive letters or offered expressions reporting that banks can offer types of assistance to guarantors of stablecoins, direct payments utilizing stablecoins, work hubs on blockchain organizations, and cooperate with crypto custodians. 


Potentially his most extensive effect came from his push for fintech new businesses like crypto organizations to make sure about public financial charters, permitting them to work all through the nation without expecting to apply for each state’s cash transmitters permit. 


Rep. Maxine Waters, the seat of the Financial Services Committee, went above and beyond, requesting Biden to cancel all from the OCC’s crypto-related direction as a feature of a more extensive effort to renounce the guidelines implemented under Trump’s residency.


Brooks has been an advocate for a computerized dollar and the crypto space all the more extensively and compared decentralized finance (DeFi) to self-driving vehicles in an opinion piece in the Financial Times on Tuesday morning.


Image Courtesy : Pixabay

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