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A former Coinbase lawyer will play an important role in the U.S. banking regulator. USA next week

May 21, 2020

According to an announcement by the United States Department of Foreign Exchange (OCC) on May 21 Former Coinbase legal adviser Brian P. Brooks will take over as OCC chief on May 29.

The only and future controller

Brooks will replace Joseph Otting. Otting is leaving half of his term, which began in late 2017.

Brooks left Coinbase to take the second highest position in the OCC in mid-March. The two have already worked together at OneWest Bank in California.

OCC meaning

A former Coinbase lawyer will play an important role in the U.S. banking regulator. USA next week
A former Coinbase lawyer will play an important role in the U.S. banking regulator. USA next week

The OCC is an office in the United States Department of Treasury that regulates banking and credit institutions. The office’s stated mission is:

“Ensure that national banks and federal savings banks work safely and robustly, offer fair access to financial services, treat customers fairly, and comply with applicable laws and regulations.”

For example, the office plays an important role in federal programs for the distribution of loans and relief supplies.

Brooks experience with cryptocurrencies

Brooks’ curriculum vitae is long, but the fact that he switched directly from a leadership position in a major U.S. cryptocurrency exchange. USA to the head of the country’s banking regulator indicates greater interest in new banking technologies.

The Treasury announcement of the same hiring highlighted Brooks’ work in rapidly implementing the paycheck protection program. Entry into the OCC during isolation to prevent the spread of COVID-19 in the United States. USA were implemented. Along with the increasing attention that US law is devoting to digitizing the dollar for the distribution of aid in the midst of the pandemic, Brooks rise to the OCC is interpreted as a step towards cryptocurrency help.