Former Coinbase Legal Counsel and Head of the Office of the Comptroller of the United States Currency to Leave Office Within Years
Brian Brooks, head of the Office of the Comptroller of the Currency of the United States (OCC), will step down. This was reported on the official website of the regulator. According to the announcement, Blake Paulson will replace Brooks as head of the foreign exchange regulator. How Paulson will react to the regulation of the cryptocurrency market in the banking sector is still unknown.
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Earlier, the editorial staff of BeInCrypto reported that Rashida Tlaib, a member of the US House of Representatives, criticized Brooks’ loyalty to the cryptocurrency market. Then Tlaib’s criticisms received a mirror response from the cryptocurrency community, who reproached the official with the guardianship of the monopoly of banks.
New faces, old uncertainty
The new head of the OCC takes office on January 14, 2021. His predecessor, Brian Brooks, was appointed to a five-year term as head of the OCC by US President Donald Trump in May 2020. Thus, Brooks did not serve in his position for eight months.
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For the cryptocurrency market, the news of Brooks’ appointment as head of the currency regulator meant at least some loyalty from the regulators. In his post, Brooks actively promoted the ideology of blockchain financial institutions, and also allowed US banks to act as custodians of cryptocurrencies. Under Brooks, the regulator allowed financial institutions to act as verifiers on blockchain networks, as well as use stablecoins for transfers.
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Brooks wrote in a recent feature article for the Financial Times that the emergence of self-governing blockchain banks is as inevitable as the emergence of self-driving cars. At the same time, Brooks noted that self-governing banks will be born before self-driving cars learn to fly.
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