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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Biden Administration will be crypto’s friend: Circle’s Jeremy Allaire
The CEO of the USDC stablecoin-issuer predicted President-elect Joe Biden’s administration will see cryptocurrencies as a way to ‘make America more competitive’
Speaking on CNBC’s Squawk Box on Dec. 7, Allaire said “they will ultimately be supportive because this is an infrastructure change as big as the initial commercial internet. That said, Allaire noted that the administration is facing pressure to regulate cryptocurrencies and Bitcoin more aggressively, from both the left and the right.
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Democratic Rep. Rashida Tlaib believes stablecoins need aggressive regulation (Photo: House of Representatives)STABLE Act could destabilize stablecoins
Industry leaders say the proposed legislation would cripple innovation by subjecting the fiat-backed cryptocurrencies to traditional banking regulations
The Stablecoin Tethering and Bank Licensing Enforcement—or STABLE—Act seeks to “protect consumers from the risks posed by emerging digital payment instruments, such as Facebook’s Libra and other Stablecoins currently offered in the market, by regulating their issuance and related commercial activities,” its sponsors said.
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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.”
