The new US legal office supervisor in the Trump office, called Brian Brooks, is the former head of Coinbase’s legal department. Recently, he was appointed as the head of the US Office of the Controller of the Currency.
We can all see that the Bitcoin news and the entire crypto scene may have gained an important ally in the ranks of the US President Donald Trump with the appointment of Brian Brooks. With him as the former head of the legal department of the exchange Coinbase, it is expected that crypto could move in a positive zone in terms of regulation.
Now, Brooks is the new “Acting Comptroller of the Currency” (OCC) – an office which is independent and works within the United States Department of the Treasury which serves to regulate and audit all national banks and savings banks, plus the federally licensed branches and agencies of foreign banks.
In a nutshell, the new US legal office supervisor Brooks is now heading the federal authority responsible for the largest banks in the USA. He made this clear in an interview with Forbes, noting how he could shake up the US financial world and give the adoption of blockchain an extraordinary boost.
In the interview, Brooks covered the blockchain news and promoted the technology as a potential “game changer” for the banking industry. He also explained the potential of crypto and blockchain, and said:
“Blockchain has potential to connect up, in a decentralized network, all kinds of data. It has the ability to create large, friction-free, decentralized networks of people. There is huge and great promise in blockchain and crypto.”
As the new US legal office supervisor, Brooks also referred to three cryptocurrencies as prime examples of the potential of this new technology, which included:
- Bitcoin (BTC)
- Ether (ETH), and
- Ripple (XRP)
In his “regulation proposal” published on 2 June, Brooks advocates a new revision of the existing regulations on “digital assets of banks.” Specifically, he called for the following:
“It takes three days if you’re trying to send money from the US to Europe… on the SWIFT network. Your money is at risk during that period. And even when the money is transmitted, foreign exchange fees are incurred. But a digital representation of value on both sides of the transaction can eliminate that friction and those costs.”
All in all, Brooks is now working on more initiatives and recently issued the “Advance Notice of Public Rulemaking” (ANPR) where he asked the public for comments on possible crypto regulation in the banking sector.
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