Brian Brooks, the previous Coinbase government turned chief of the U.S. Workplace of the Comptroller of the Forex, or OCC, not too long ago acquire
Brian Brooks, the previous Coinbase government turned chief of the U.S. Workplace of the Comptroller of the Forex, or OCC, not too long ago acquired a letter from a number of members of Congress expressing considerations over his crypto-heavy management.
The letter, from Stephen Lynch and Rashida Tlaib, two congresspeople for Massachusetts and Michigan respectively, additionally holds signatures from Jesús García, Deb Haaland, Barbara Lee and Ayanna Pressley — representatives from Illinois, New Mexico, California and Massachusetts.
The letter references the OCC’s “latest unilateral actions within the digital monetary actions area, together with interpretive letters on cryptocurrency custody, stablecoins, and its introduced plans to begin providing particular function ‘funds’ charters,” a media assertion from Tlaib stated yesterday.
The crypto trade has seen quite a lot of key regulatory readability selections in 2020, partially because of the OCC beneath Brooks. In July, federally chartered banks acquired regulatory approval for crypto custody, whereas September ushered in approval for stablecoin reserve custody by such banks.
“Given the restricted statutory authority of the OCC, we urge the Comptroller to significantly rethink the implications of a unilateral strategy and as an alternative invite the OCC to collaborate with different regulators and Congress on these points,” the letter reads.
The OCC’s readability from September hurts innovation whereas facilitating “a brand new class of establishments that advantages giant, established fintech corporations,” the assertion stated. Giving massive tech corporations like Fb the go-ahead to enter the funds area additionally raises crimson flags with the legislators.
Partially, the letter posits that the OCC put fintech and crypto regulatory developments forward of different extra urgent points, akin to offering residents stimulus examine entry. The letter listed a plethora of questions for the OCC, citing a due date of Dec. 10 for a response.
Regulators throughout the board have elevated their involvement within the crypto area this yr regarding prison fees and readability.
Cointelegraph reached out to Brian Brooks’ press workforce for extra particulars, however acquired no response as of the time of publication. This text will likely be up to date accordingly ought to a response are available.