According to a May 21 announcement by the U.S. Office of the Comptroller of the Currency (OCC), Coinbase’s former chief legal counsel, Brian P. Brooks, will take over as head of the OCC on May 29.
The only future comptroller
Brooks will replace Joseph Otting. Otting is leaving in the middle of his term, which began in late 2017.
Coinbase’s legal director resigns to oversee the nation’s banking system.
Brooks left Coinbase to move to the second highest position within the OCC in mid-March. The two have worked together before, at OneWest Bank in California.
Significance of the OCC
The OCC is an office within the U.S. Treasury that regulates banking and credit institutions. The office’s stated mission is:
„To ensure that national banks and federal savings associations operate in a safe and sound manner, provide fair access to financial services, treat customers fairly, and comply with applicable laws and regulations.
In the U.S. Congress, the new bill requires „digital dollars“ in January for the monthly Coronavirus
The office plays an important role in, for example, federal programs to distribute loans and aid.
Brooks‘ experience with crypto currencies
Brooks‘ resume is long, but the fact that he has moved directly from an executive position at a major U.S. crypto-currency exchange to the head of the country’s banking regulation office suggests a greater interest in new technologies within banking.
The crisis over COVID-19 has encouraged and led to the widespread adoption of crypts
The Treasury’s announcement of the same hiring highlighted Brooks‘ work in the rapid delivery of the Paycheck Protection Program. He entered the OCC while insulation to prevent the spread of Bitcoin Era Website / Immediate Edge Scam Or Not / The News Spy Review / Bitcoin Revolution Website / Bitcoin Evolution Reviews Uk / Bitcoin Profit Scam / Bitcoin Code Review / Bitcoin Billionaire Platform / Bitcoin Circuit Website / Is Bitcoin Trader Safe in the U.S. was being implemented. Along with the increased attention U.S. lawmakers are placing on digitizing the dollar for aid distribution in the midst of the pandemic, Brooks‘ rise in the OCC is interpreted as a step in the direction of aid provided by cryptomonies.