Brian Brooks, who was named the short-term head of the Workplace of the Comptroller of the Foreign money (OCC) final summer time, made the announce
Brian Brooks, who was named the short-term head of the Workplace of the Comptroller of the Foreign money (OCC) final summer time, made the announcement official a day after he was rumored to be departing.
His departure will come a day after the federal banking regulator granted crypto custodian Anchorage a conditional belief constitution, making it the primary crypto-native nationwide financial institution.
“It has been an excellent honor to serve america as Performing Comptroller of the Foreign money,” Brooks mentioned in an emailed assertion via a spokesperson. “The Workplace of the Comptroller of the Foreign money (OCC) is probably the most extraordinary of federal companies stuffed with probably the most devoted, skilled, and gifted workers any govt can hope to have. I’m extraordinarily pleased with what now we have completed collectively via what have been extraordinary occasions by any measure.”
Beneath Brooks, the OCC printed a lot of interpretative letters surrounding how nationwide banks can work together with the cryptocurrency house, with explicit consideration paid to stablecoins and their issuers. Nonetheless, he mentioned throughout a public seminar hosted by evaluation agency Elliptic that a lot of this work started previous to his arrival on the company final March.
The previous chief authorized officer at Coinbase has mentioned a number of occasions that he believes digital belongings and blockchain know-how can kind the idea for the way forward for the monetary system, a view he reiterated through the seminar.
“Blockchains, basically, are banking as a result of what they’re doing is permitting the transaction of worth throughout networks … they’re doing it in an orthogonally totally different manner,” he mentioned Wednesday in what could also be his swan tune in public workplace.
It’s unclear who incoming president Joe Biden would possibly faucet to switch Brooks. The OCC introduced that chief working officer Blake Paulson will grow to be the brand new appearing comptroller within the interim. Legislation agency Davis Polk mentioned in a public presentation Wednesday that it’s unlikely Brooks’ efforts round digital asset custody will probably be overturned by his successor, although additional efforts round digital currencies could also be slowed.