PayPal’s crypto partner Paxos on future of digital currency
Cryptomarket-friendly OCC CEO leaves office
Democrats get rid of crypto-friendly head of currency regulator
Brooks barely served eight months in office.
How the new head of the regulator will react to the crypto market remains unknown
Former Coinbase Legal Counsel and Head of the Office of the Comptroller of the United States Currency to Leave Office Within Years
Brian Brooks, head of the Office of the Comptroller of the United States Currency (OCC), will step down. This was reported on the official website of the regulator. According to the announcement, Blake Paulson will replace Brooks as head of the currency regulator. How Paulson will react to the regulation of the cryptocurrency market in the banking sector is still unknown.
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Previously BeInCrypto editors reported, that Rashida Tlaib, a member of the US House of Representatives, criticized Brooks’ loyalty to the cryptocurrency market. Then the criticisms of Tlaib received a mirror response from the cryptocurrency community, which reproached the official with the patronage of the monopoly of banks..
New faces, old uncertainty
The new head of the OCC takes office on January 14, 2021.
His predecessor, Brian Brooks, was appointed to a five-year term as head of the OCC by US President Donald Trump in May 2020. Thus, Brooks did not serve in his position for eight months..
For the cryptocurrency market, the news of Brooks’ appointment as head of the currency regulator meant at least some loyalty from the regulators..
In his post, Brooks actively promoted the ideology of blockchain financial institutions, and also allowed US banks to act as custodians of cryptocurrencies. Under Brooks, the regulator allowed financial institutions to act as verifiers on blockchain networks, as well as use stablecoins for transfers.
Read also: Biden urged to tighten regulation of crypto services
Brooks wrote in a recent feature article to the Financial Times that the emergence of self-governing blockchain-based banks is as inevitable as the emergence of self-driving cars. At the same time, Brooks noted that self-managed banks will be born before self-driving cars learn to fly..