According to an announcement issued by the White House today, the outgoing U.S. President Trump nominated Brian Brooks as the director of the U.S. Office of the Audit of the Currency (OCC) for a term of 5 years.
Brian Brooks is an advocate of crypto-friendly reforms and once said that banks can provide crypto-custodial services.
Brooks was a bank executive and worked as general counsel for Coinbase for a period of time. He joined the Currency Audit Office in March this year and has been the head of the federal agency since May. One of his first actions at the agency was to propose a federal licensing system for fintech start-ups, which would save them from having to obtain state currency changer licenses, which are currently required by all crypto exchanges to operate. business.
Since being appointed as the Acting Auditor General by Treasury Secretary Steven Mnuchin, Brooks has taken a series of initiatives to integrate encryption with the banking industry.
In July this year, his office issued a letter telling banks under state supervision that they can provide crypto custody services, and in September announced that these banks can provide services to stablecoin issuers.
The U.S. Senate Banking Committee is responsible for overseeing the OCC and may hold a hearing before the Senate votes to confirm or reject Brooks’ nomination.
This means that time may be the deciding factor. Trump lost to Joe Biden in the November election. If Brooks is not confirmed before January 20, 2021, then Biden can nominate others for the position.
Brooks said in a statement that being nominated is a “great honor,” adding:
“It is an honor for President Trump to announce that he intends to nominate me as the 32nd Director of the U.S. Currency Audit Office. The OCC aims to promote fair access to funds and credit for hundreds of millions of customers served by the Federal Banking System. We work hard to ensure that banks still have the ability to provide businesses. The financial services on which important activities are carried out with the community every day. As the Acting Director of the Supervision of Currency, I am honored to contribute to this 157-year-old mission. If confirmed, I will work tirelessly to ensure this The organization continues to fulfill its important mission.”
