The Office of the Comptroller of the Currency also known as the OCC has sparked up in the news several times this year. From a change in management all the way to US Congress calling out the current Comptroller for his interest in crypto, the OCC has time again made it to the headlines. The latest news from the White House has proved beneficial to both the Acting Comptroller and the crypto industry.
OCC Head Appointed By Donald Trump
As the crypto industry has been encountering exponential growth, regulators across the globe have been formulating regulations that aid the growth of crypto without compromising the safety of the users. Brian Brooks, the Acting Comptroller of the OCC has been working towards the same. While the ex-Coinbase employee was appointed as the interim Comptroller, President Trump went on to designate Brooks as the Acting Comptroller for the next five years.
Previously serving as the chief legal officer at the prominent crypto exchange, Coinbase, Brian Brooks took over the post of Joseph Otting in May. As per the White House, Brooks would be prolonging his stay in the OCC office and with this news, the crypto-verse could see brighter days ahead. From the beginning of his term, Brooks displayed his inclination towards crypto following the progress of several activities.
Trump has about 63 days left as the President of the United States and a new session of Congress would commence on 3 January 2021. Recently, several members of Congress went on to call out Brooks for his keenness towards crypto. In a long letter, Congresswoman Rashida Tlaib, Congressmen Stephen Lynch, Jesús G. “Chuy” García, Deb Haaland, Barbara Lee as well as Ayanna Pressley pointed out that Brooks was “excessively focusing on crypto assets and crypto-related financial services.” The aforementioned members of the Congress suggested that Brooks contemplate the complications of a unilateral approach.
Brooks had even testified before the US Senate advocating the importance of crypto. While the market cap of the crypto industry has been soaring to new heights, several have been realizing the capabilities of the crypto-verse. Many went on to speculate that Brooks’ appointment could spike up the adoption and acceptance of crypto.