The new high banking regulator for the Trump administration sees “large and nice promise” in cryptocurrency. Focusing on decentralized networks, bitcoin, and rewriting current rules, he shares his views on cryptocurrency and the creation of the digital greenback.
Top US Banking Regulator Is Pro-Crypto
Brian Brooks not too long ago turned the brand new performing Comptroller of the Currency, the highest banking regulator for the Trump administration. The 51-year-old has expertise in crypto, having beforehand served as basic counsel to bitcoin change Coinbase. Discussing his views on cryptocurrency, regulation, and expertise, Brooks instructed Forbes:
There is large and nice promise in blockchain and crypto.
He elaborated: “Blockchain has potential to attach up, in a decentralized community, all types of information … It has the flexibility to create massive, friction-free, decentralized networks of individuals.” Brooks believes that “blockchain is the answer to our issues,” Forbes conveyed. “I’m very bullish on expertise … Things like AI, issues like blockchain have a greater potential to leverage the knowledge of crowds,” he was quoted as saying.
Brian Brooks has develop into the brand new performing Comptroller, the highest U.S. banking regulator for the Trump administration. He beforehand served as basic counsel to Coinbase.
As performing Comptroller of the Currency, Brooks is the administrator of the federal banking system and chief officer of the Office of the Comptroller of the Currency (OCC). The OCC supervises almost 1,200 nationwide banks, federal financial savings associations, and federal branches and companies of overseas banks that conduct roughly 70% of all banking enterprise within the U.S. The Comptroller additionally serves as a director of the Federal Deposit Insurance Corporation (FDIC).
A lawyer by commerce, Brooks joined the OCC in March as chief working officer, appointed by Secretary of the Treasury Steven Mnuchin. The former banker was beforehand govt vp and basic counsel at Fannie Mae. He, Mnuchin, and former Comptroller Joseph Otting labored collectively at Onewest Bank in Pasadena, California, which was closely criticized for its foreclosures practices within the years after the monetary disaster.
New Top Banking Regulator Shares His Views and Policies on Cryptocurrency
Discussing his views on cryptocurrencies, Brooks instructed the publication that he’s “on the lookout for decentralized networks basically — he cited bitcoin, ether and XRP particularly — to unravel most of the issues hindering greater than one-thousand monetary establishments underneath his purview,” Forbes contributor Cory Johnson detailed.
The new performing comptroller additionally revealed that he’s specializing in rewriting current regulation on “financial institution digital actions.” Citing banks’ antiquated cash switch strategies, he stated that it takes three days to switch cash from the U.S. to Europe on the SWIFT community. Not solely is individuals’s cash in danger throughout that point, however in addition they incur overseas change charges, he famous, including that these issues could be eradicated utilizing digital property.
Brian Brooks, the brand new performing Comptroller of the Currency for the Trump administration, needs to revamp the U.S. fee system. He criticizes antiquated regulation, seeing the U.S. lagging behind different nations in modernizing fee programs as a risk.
Moreover, Brooks sees a risk in different nations modernizing their fee programs, leaving the U.S. lagging behind. Criticizing the Fed’s model of sooner funds, he revealed: “There are sure O.C.C. rules that require that sure issues be transmitted by fax and require banks keep a fax quantity. Those had been written at a time when faxes had been a cool expertise. Now they’re mandates.”
Regarding the digital greenback, Brooks is skeptical concerning the federal authorities issuing one. He opined:
I’m not in favor of a government-created token … I simply don’t suppose that’s the position of presidency, fairly truthfully. But I feel that the Fed and the SEC should be placing up frameworks of what that digital foreign money must be.
Meanwhile, essentially the most crypto-friendly commissioner with the U.S. Securities and Exchange Commission (SEC) is about to serve one other time period. Commissioner Hester Peirce, usually recognized within the crypto neighborhood as “crypto-mom,” has been nominated for an additional time period as an SEC commissioner. Her current time period expires this month however commissioners might serve as much as 18 months past the expiration of their phrases. Peirce’s nomination must be confirmed by the Senate.
A powerful advocate of the SEC approving bitcoin exchange-traded funds (ETF), she launched the “Token Safe Harbor Proposal” in February to “fill the hole between regulation and decentralization,” proposing a grace interval of three years for tokens. The commissioner not too long ago stated that there’s an growing demand for cryptocurrency, notably from institutional traders.
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