An online future for finance is inevitable, says OCC's Brooks
Brooks considers the migration of the financial system onto the internet "inevitable." The departing leader of the Office of the Comptroller of the Currency is convinced that the future of finance is blockchain-native, per a conversation with crypto analytics firm Elliptic on Wednesday.Described by Elliptic CEO Simone Maina as "a fairy godfather to the crypto industry," Brooks has been a leading light in U.S. federal policy towards crypto since taking over for Comptroller Joseph Otting in May. Today, he outlined views that follow an opinion piece he wrote for the Financial Times yesterday.....
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The U.S acting comptroller of the currency believes the role banks play in society will soon be transformed by crypto assets and DeFi. The U.S acting comptroller of the currency, Brian Brooks, predicts th decentralized finance (DeFi) will render many of the financial services offered by banks obsolete, just as email disrupted the postal service.In an interview during DC Fintech Week on Oct. 19, Brooks predicted a not-too-distant future in which distributed ledger technologies (DLT) mediate financial services, making the legacy banking sector’s historic role as “central ledger-keeper”....
Brooks is optimistic that regulators will find it easier to work with algorithms than with bankers. In an opinion piece published in the Financial Times on Tuesday, Acting Comptroller of the Currency Brian Brooks put forward the need to reconfigure banking regulations for an age of algorithms. Brooks, who currently leads the Treasury's Office of the Comptroller of the Currency, compared existing banking regulations to traffic laws. He further used the analogy of self-driving cars for new steps in decentralized finance. "Just as the original rules of the road protected us from other....
The government is great at setting up regulatory frameworks, not building products, says Currency Comptroller Brian Brooks Brian Brooks, Acting Comptroller of the Currency said the future of cryptocurrency regulations is in the hands of the people, and not the government.He told Cointelegraph's Alex Cohen at the LA Blockchain Summit that he believes that change tends to happen slowly. While the Internet 1.0 didn’t seem revolutionary, look where we’re at now. “In the end, it’s the market and consumers that will decide the fate of crypto regulation, not the government,” said Brooks, formerly....
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,....
In an interview on CNBC’s Squawk Box, former head of the Office of the Comptroller of the Currency, Brian Brooks, spoke about the regulatory hurdles for Bitcoin. Referring to a recent speech given by the chairman of the U.S. Federal Reserve, Brooks stated that people have “migrated to Bitcoin” because of the risk of inflation […]