Trump Nominates Ex-Coinbase Executive Brooks As OCC Head

Trump nominates an Ex-Coinbase Executive, Brian Brooks, who will serve in a five-year term as Comptroller of the Currency so let’s read more in our latest crypto news.

President Donald Trump nominates today an Ex-Coinbase executive, Brian Brooks, as the head of the Office of the Comptroller of the currency. Brooks worked as a Legal Officer at Coinbase and was serving as an acting comptroller since May 29 once Joseph Otting resigned. If the nomination process is successful, it has to be approved by the US Senate since Brooks will have to serve a five-year term.

Not surprisingly, given his crypto pedigree, Brooks brought a huge focus on crypto assets and services to the OCC, which is a treasury office that oversees national banks and federal savings associations. The OCC will play a key role in BTC and crypto adoption in the time ahead while it already has, under Brooks’ leadership said that banks could take custody of crypto assets but that focus spiked some problems for some Democratic representatives because the solution comes in the middle of a global pandemic.

During his statement to the US Senate Committee on Banking Housing and Urban Affairs, Brooks prepared a comment on crypto assets as well as saying a word or two about stablecoins. He said:

“Today, roughly 60 million Americans own some type of cryptocurrency, with a total market cap of nearly $430 billion. These figures clearly illustrate that this payment mechanism is now firmly entrenched in the financial mainstream. Cryptocurrency has become a popular mechanism for sending and receiving payments for goods and services because transactions post in real-time and provide convenience and security.”

However, he said that issuing a US digital dollar is a terrible idea because the government is not good at building things. However, he thinks that tech companies that already own the know-how, are in a better position to issue stablecoins or other forms of digital currencies. According to Him, the US government has to focus on doing what governments are good at doing which is – regulation.

As previously reported, Trump’s Nominee for the federal reserve board of governors, Judy Shelton, advocated for getting back to a gold standard in a crypto way.