Coinbase's Chief Authorized Officer is stepping right down to oversee the U.S. nationwide banking system


Amid an ongoing international well being and monetary disaster, Coinbase, one of the crucial in style cryptocurrency buying and selling platforms in the US, is dropping one other key government.

Coinbase's Chief Authorized Officer Brian Brooks steps down from the corporate to affix the Workplace of the Comptroller of the Forex (OCC), an unbiased banking regulator working beneath the US Division of the Treasury, the OCC . announced on March 16.

Famed crypto-skeptic Secretary of the Treasury Steven Mnuchin appointed Brooks

In line with the official announcement, Brooks has been designated the primary deputy auditor – the company's service second highest place – by Finance Minister Steven Mnuchin. Brooks will even function Chief Working Officer of the OCC efficient April 1, the announcement mentioned.

A known skeptic of cryptocurrencies like Bitcoin (BTC), Outlined Mnuchin Brooks as a "sturdy chief with intensive expertise within the monetary trade", including that he’s excited to work collectively to advertise the monetary system and better financial development.

Coinbase is proud that their crypto-friendly authorized officer will be a part of the authority

Coinbase mentioned in an e mail to Cointelegraph that the corporate is delighted to know that their authorized officer joins the OCC to supervise the nation's banking system, noting that Brooks definitely has a friendlier angle in the direction of crypto with him will carry. Brooks has led Coinbase's authorized, compliance, authorities, and international analysis teams since September 2018.

Describing Brooks as "invaluable in shaping the Coinbase authorized and compliance packages," mentioned a Coinbase spokesperson:

"Within the midst of a public well being and monetary disaster, we’re reassured to know that Brian Brooks will fulfill this significant position in overseeing the nation's banking system … We’re at all times happy with Coinbase alumni who will serve in authorities , which brings a crypto-friendly perspective. "

Except for leaving Coinbase, Brooks will even step down from the boards of the Federal Nationwide Mortgage Affiliation – generally often called Fannie Mae – and market lender Avant. Earlier than Brooks joined Coinbase in 2018, too served as founding advisor to decentralized fintech mission Spring Labs, member of Avant compliance and knowledge safety committee and government vp and normal counsel at Fannie Mae.

Early March, Finance Minister Mnuchin said that the US welcomes accountable digital innovation whereas nonetheless emphasizing that the company is targeted on stopping unlawful use of crypto resembling cash laundering and terrorist financing. Mnuchin echoed his skepticism in regards to the trade, saying that the US will "not tolerate using cryptocurrencies in assist of criminal activity."

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