The crypto-verse was beyond happy after Brian Brooks took over as the Chief of the Office Comptroller of the Currency aka OCC of the United States. Brooks’ association with the prominent cryptocurrency exchange Coinbase in the past spruced up the fate of crypto in the country. Even though Brooks has been trying to walk in that path, an array of hurdles have been hindering his journey.
OCC Chief Receives Letter From Six Members Of US Congress
Several members of Congress including Congresswoman Rashida Tlaib, Congressmen Stephen Lynch, Jesús G. “Chuy” García, Deb Haaland, Barbara Lee as well as Ayanna Pressley wrote a letter to Brian Brooks, the Acting Comptroller of the Currency [OCC]. A press release shared by Congresswoman Rashida Tlaib’s office detailed that they had concerns pertaining to the bureau’s “unilateral actions” with regard to crypto-assets as well as stablecoins. The press release was titled, “Tlaib, Lynch Lead Letter Blasting OCC for Unilateral Actions on Fintechwww Charter, Cryptocurrency.”
The OCC has been giving the crypto-verse better regulatory clarity. Back in July, certain federally chartered banks acquired a thumbs up for crypto custody and in September the banks received consent for stablecoin reserve custody. The Congress feared that OCC’s inclination towards the crypto world could steer away attention from the vulnerabilities the existing system is exposed to following COVID-19.
The letter further read,
“Our concern regarding the OCC’s excessive focus on crypto assets and crypto-related financial services is shared by the American Bankers Association and other trade groups who have expressed similar reservations that such services move too far away from the core business of banking.”
Brian Brooks was previously serving as the Chief Legal Officer at the San Francisco based crypto exchange, Coinbase. He began working as the head of the OCC on 29 May 2020. As he stepped into his office, Brooks made sure to reveal his stance on crypto. Just days after taking on his role, the head of OCC urged the public to deliver feedbacks as well as comments regarding the regulation of crypto.
Furthermore, the letter urged Brooks’ to reconsider the entanglements of a unilateral approach. The members of Congress proposed that Brooks’ initiate a collaboration between the OCC, other regulators as well as the Congress on matters similar to this.
