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.
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Former Coinbase chief legal officer and current Acting Comptroller of the Currency Brian Brooks is at it again (Photo: Office of the Comptroller of the Currency)Treasury Dept says banks cannot discriminate against industries like crypto
Acting Comptroller of the Currency Brian Brooks, a former Coinbase executive, issued another ruling aiding cryptocurrency companies
Targeting one of the cryptocurrencies biggest complaints, the Office of the Comptroller of the Currency proposed a rule on Nov. 20 that would require banks to “provide access to services, capital, and credit based on the risk assessment of individual customers, rather than broad-based decisions affecting whole categories or classes of customers.”
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Two Treasury Department agencies are sending mixed messages to banks supporting cryptocurrency (Photo: Pixabay)FinCEN’s mixed message on banks and crypto
Financial Crimes Enforcement Network Director Kenneth Blanco’s warning that banks can expect tough questions about cryptocurrencies comes in the wake of other Treasury Department rulings encouraging custody service for crypto and stablecoins
Taken together, the encouraging letter from acting Comptroller of the Currency Brian Brooks and stark warning from Financial Crimes Enforcement Network Director Kenneth Blanco present a very mixed message to banks and other financial institutions. Both agencies are part of the U.S. Treasury Department.
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Sen. Mike Crapo wants acting Comptroller of the Currency Brian Brooks to create “clear rules of the road” for the cryptocurrency industry (Photo: U.S. Senate/OCC)Senate banking chair: U.S. should lead in crypto innovations
Sen. Mike Crapo took note of former Coinbase lawyer Brian Brooks’ activity at the Office of the Comptroller of the Currency in moving to create “clear rules of the road” for the crypto industry
Brian Brooks, who left his position as chief legal officer of cryptocurrency exchange Coinbase to take up the reins at the Office of the Comptroller of the Currency, has been active in helping the industry make nice with banks that have long avoided it.