Brian Brooks, Director of the Office of the Comptroller of the Currency: Digital asset innovation and private encryption are extremely important
Brian Brooks, Director of the Office of the Comptroller of the United States, said that in the global race to develop central bank digital currencies (CBDC), the United States needs to focus on the private encryption sector.
Brooks stated in a hearing of the US House of Representatives Financial Services Committee on Thursday, “We have launched a private stablecoin in the United States, with a market value of tens of billions of dollars.” Brooks was the head of Coinbase’s legal department and currently serves as the U.S. Office of the Comptroller of Currency (OCC). ) Administrator, this agency is responsible for overseeing the Federal Bank and is subordinate to the Ministry of Finance. He explained: “These stablecoins are traded every day. They are growing rapidly and are widely used in commerce.”
He said: “I don’t think we need to develop a solution to govern and control the government in the United States. I think the private sector needs regulation, and I think the regulator should provide a framework for the private sector to ensure that there will be no bank runs or other Issues affecting consumers.”
The Congressional Committee today gathered four members from major financial regulators and asked questions on the issue of digital currency.
Brooks’ comments responded to questions from Minnesota Representative Tom Emmer. Emmer specifically mentioned the commitments in the field of financial technology and the regulatory agencies, staff and measures taken to promote the development of this field.
Emmer also pointed to the OCC and its recent actions, which include providing banks with transparency in cryptocurrency custody. Under the authority granted by Brooks, the OCC provided banks with two transparency aspects in the crypto field this year, allowing banks to custody cryptocurrencies and approving banks to custody stablecoins.
When Emmer returned to the main question posed to Brooks, he mentioned the dislike of Jerome Powell, Chairman of the Federal Reserve Board, against privately developed digital assets. Emmer said: “Chair Powell told us in a previous committee hearing that when the Fed considers launching a digital dollar, individuals and developers in the private sector may not have a place, which is worrying.”
Brooks said to Emmer when talking about the growth of digital assets, “As a country, we have not realized the important competitiveness of digital assets.” He cited the work and experiments China is currently doing in the development of CBDC:
“For the United States, the realization of a nationwide real-time payment system will take several years. I have come to your conclusion that the best solution is to implement what the United States has already achieved, that is, to release innovation and The power of a dynamic and risky private crypto field.”
