THELOGICALINDIAN - The new top cyberbanking regulator for the Trump administering sees huge and abundant affiance in cryptocurrency Focusing on decentralized networks bitcoin and afterlight absolute regulations he shares his angle on cryptocurrency and the conception of the agenda dollar
Top US Banking Regulator Is Pro-Crypto
Brian Brooks afresh became the new acting Comptroller of the Currency, the top cyberbanking regulator for the Trump administration. The 51-year-old has acquaintance in crypto, accepting ahead served as accepted admonition to bitcoin barter Coinbase. Discussing his angle on cryptocurrency, regulation, and technology, Brooks told Forbes:
He elaborated: “Blockchain has abeyant to affix up, in a decentralized network, all kinds of abstracts … It has the adeptness to actualize large, friction-free, decentralized networks of people.” Brooks believes that “blockchain is the band-aid to our problems,” Forbes conveyed. “I’m actual bullish on technology … Things like AI, things like blockchain accept a bigger adeptness to advantage the acumen of crowds,” he was quoted as saying.
As acting Comptroller of the Currency, Brooks is the ambassador of the federal cyberbanking arrangement and arch administrator of the Office of the Comptroller of the Currency (OCC). The OCC supervises about 1,200 civic banks, federal accumulation associations, and federal branches and agencies of adopted banks that conduct about 70% of all cyberbanking business in the U.S. The Comptroller additionally serves as a administrator of the Federal Deposit Insurance Corporation (FDIC).
A advocate by trade, Brooks abutting the OCC in March as arch operating officer, appointed by Secretary of the Treasury Steven Mnuchin. The above broker was ahead controlling carnality admiral and accepted admonition at Fannie Mae. He, Mnuchin, and above Comptroller Joseph Otting formed calm at Onewest Bank in Pasadena, California, which was heavily criticized for its foreclosure practices in the years afterwards the banking crisis.
New Top Banking Regulator Shares His Views and Policies on Cryptocurrency
Discussing his angle on cryptocurrencies, Brooks told the advertisement that he is “looking for decentralized networks in accepted — he cited bitcoin, ether and XRP in accurate — to break abounding of the problems adverse added than one-thousand banking institutions beneath his purview,” Forbes contributor Cory Johnson detailed.
The new acting comptroller additionally appear that he is absorption on afterlight absolute adjustment on “bank agenda activities.” Citing banks’ aged money alteration methods, he said that it takes three canicule to alteration money from the U.S. to Europe on the SWIFT network. Not alone is people’s money at accident during that time, but they additionally acquire adopted barter fees, he noted, abacus that these problems can be alone application agenda assets.
Moreover, Brooks sees a blackmail in added countries modernizing their acquittal systems, abrogation the U.S. backward behind. Criticizing the Fed’s adaptation of faster payments, he revealed: “There are assertive O.C.C. regulations that crave that assertive things be transmitted by fax and crave banks advance a fax number. Those were accounting at a time back faxes were a air-conditioned technology. Now they’re mandates.”
Regarding the agenda dollar, Brooks is agnostic about the federal government arising one. He opined:
Meanwhile, the best crypto-friendly abettor with the U.S. Securities and Exchange Commission (SEC) is set to serve addition term. Abettor Hester Peirce, generally accepted in the crypto association as “crypto-mom,” has been nominated for addition appellation as an SEC commissioner. Her absolute appellation expires this ages but commissioners may serve up to 18 months above the cessation of their terms. Peirce’s choice needs to be accepted by the Senate.
A able apostle of the SEC acknowledging bitcoin exchange-traded funds (ETF), she alien the “Token Safe Harbor Proposal” in February to “fill the gap amid adjustment and decentralization,” proposing a adroitness aeon of three years for tokens. The abettor afresh said that there is an increasing demand for cryptocurrency, decidedly from institutional investors.
What do you anticipate about the U.S. accepting a crypto-friendly top cyberbanking regulator? Let us apperceive in the comments area below.
Image Credits: Shutterstock, Pixabay, Wiki Commons, OCC
