Brian Brooks defends fintech charter to House Financial Services Committee
Brian Brooks has defended the fintech charter he oversaw while heading the OCC, warning heavy-handed crypto regulations could undermine U.S. competitiveness globally. Brian Brooks has defended the fintech banking charter introduced while he served as the acting comptroller of the currency after Congressional Democrats took aim at the license on Thursday.Brian appeared as a witness before the House Financial Services Committee’s Subcommittee on Consumer Protection and Financial Institutions at an April 15 hearing titled, “Banking Innovation or Regulatory Evasion? Exploring Trends in....
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Brian Brooks proposed regulators treat crypto in much the same way as traditional financial institutions rather than creating an entirely new body to create a single framework for digital assets. Bitfury CEO and former Acting Comptroller of the Currency Brian Brooks has hinted the regulatory environment in the United States could drive many crypto firms outside the country, and has already stymied companies attempting to offer a variety of financial products.Speaking at a Wednesday hearing on Digital Assets and the Future of Finance with the House Committee on Financial Services,....
“The point of crypto is to have true decentralization — the projects that succeed will be the projects that achieve that," said Brian Brooks. Blaine Luetkemeyer, a House representative from Missouri, revisited the issue of major companies exerting control over vast swaths of the internet, something he expressed concerns about encroaching in the crypto space.Speaking at a Wednesday hearing on digital assets with The House Committee on Financial Services, Luetkemeyer addressed Bitfury CEO and former acting Comptroller of the Currency Brian Brooks in saying that major tech firms including....
The OCC’s acting head is pushing against the Consumer Financial Protection Bureau’s intention to charter non-depository fintech firms. Brian Brooks, the acting head of the U.S. Office of the Comptroller of the Currency and former chief legal officer to Coinbase, has warned against the Consumer Financial Protection Bureau receiving the right to grant “Fintech Charters.”Earlier this week, the CFPB’s Taskforce on Consumer Financial Law published a report featuring 102 policy recommendations intended to “improve and strengthen” financial regulations, including proposing that Congress empower....
Firms could potentially become federally chartered banks allowed to provide crypto custody services by converting their business charters. Acting Comptroller of the Currency Brian Brooks — soon to be confirmed in the role full time — has revealed another way for U.S. crypto custody providers to receive a charter to operate as a federally-approved bank.In a Nov. 17 interview with Forbes, Brooks stated that there are currently three methods for payment companies to become a federally chartered bank. The first option is to apply for a non-depository national bank charter, and the other two....
Voyager chair Philip Eytan cited Brian Brooks' experience at crypto companies and his leadership behind regulatory initiatives as reasons for the hire. Crypto trading platform Voyager Digital announced Bitfury CEO and former Acting Comptroller of the Currency Brian Brooks has joined the firm’s board of directors.In a Monday announcement, Voyager chair Philip Eytan said Brooks had joined the board as an “independent, non-executive director,” citing the former comptroller’s experience at crypto companies and his leadership behind regulatory initiatives in the United States during his time at....