• Brian Brooks leaves OCC
    Cryptocurrencies,  Regulation

    Crypto-friendly Brian Brooks steps down as bank overseer

    The former Coinbase executive’s rulings at the Office of the Comptroller of the Currency aided the cryptocurrency industry by allowing banks to custody and make payments with stablecoins

    During his eight months at the head of the Office of the Comptroller of the Currency, Brooks, a former general counsel at Coinbase, enacted a number of reforms that helped push the cryptocurrency industry farther into the banking industry’s mainstream, most recently authorizing banks to use stablecoins to make payments and for other transactions on behalf of customers.

  • SEC security token enforcement holiday
    Cryptocurrencies,  Regulation,  Ripple,  XRP

    SEC offers security token broker-dealers a five-year enforcement holiday

    The first step in providing long-awaited regulatory clarity for security token sales comes as the agency drops the hammer on Ripple for selling the XRP, which it claims is an unregistered security

    Saying that it “recognizes that the market for digital asset securities is still new and rapidly evolving,” the agency noted that the enforcement holiday is specifically for digital assets— or security tokens—that qualify as securities regulated by the SEC.

  • SEC questions Wyoming custody
    Regulation,  United States

    SEC taking dim view of Wyoming’s claim it can authorize crypto custody

    The Securities and Exchange Commission is seeking comments on Wyoming’s recent No-Action Letter authorizing state-chartered trust companies to custody traditional and digital assets

    The Wyoming letter asserts that the state-chartered trust companies are allowed to be “qualified custodians” for digital assets. In response, the SEC’s Division of Investment Management published its own staff statement highlighting that the Wyoming letter made clear that it “expressly states that the letter ‘should not be construed to represent the views of the SEC or any other regulatory agency.’”

  • Brian Brooks OCC crypto custody
    Regulation

    U.S. banks can now custody crypto

    From the Office of the Comptroller of the Currency, former Coinbase exec Brian Brooks made clear yesterday that banks can legally take custody of customers’ cryptocurrency holdings

    After less than two months in government service, former Coinbase chief legal officer Brian Brooks came through for the cryptocurrency industry in a big way.