US Office of the Comptroller of the Currency (OCC) Brian P. Brooks will officially step down on January 14, 2021.
at statement On January 13, the organization said that COO Blake Paulson would become the Acting Currency Controller, replacing Brooks who served for eight months.
Brian B. Brooks steps down, Blake Paulson to become Acting Currency Controller January 14, 2021 https://t.co/bGpnNapT1F
OCC (USOCC) January 13, 2021
Outgoing President Brooks, who was previously the Chief Legal Officer at Coinbase, has been breathing fresh air through his forward-looking approach. On January 12th, he suggested so DeFi can eliminate bias and fraud in traditional banking, And that regulations need to be reshaped for the era of algorithms.
After several years of regulatory uncertainty, the agency, which falls under the purview of the U.S. Treasury Department, recently took steps to: Allowing banks to use standalone blockchain nodes and stablecoins.
The announcement acknowledged these accomplishments, adding that Brooks helped ensure “that the federal banking system can evolve to meet the changing demands of consumers and markets by clarifying the banking and savings powers with respect to some activities related to crypto assets.”
Outgoing President Donald Trump formally nominated Brooks for a full five-year term in November, but resistance came from Democrats who believed President-elect Joe Biden should oversee the selection.
Brooks, A. Former CEO of CoinbaseHe said he was leaving the OCC in good hands. His replacement, Paulson, was a professional examiner for the bank and had held the position of director of operations for the agency since June 2020. Prior to his role at the agency, Paulson was responsible for overseeing about 1,100 national banks and federal savings associations, so he is essentially a veteran traditional banker.
It is unclear how Paulson will handle the crypto assets, but Democratic members of the US Congress have done so previously. Criticize Brooks has put too much focus on moves toward digital banking and not enough focus on coronavirus relief.
The OCC oversees nearly 1,200 national banks, federal savings societies, federal branches, and foreign banking agencies, which together manage nearly 70% of all banking in the United States.