Former director of the Office of the Comptroller of the Currency (OCC) Brian Brooks believes the US needs decentralized finance and stablecoins to remain a global leader.
Brooks served as director of the US OSS for eight months and stepped down last week. The former head of OSS has also served as chief lawyer for cryptocurrency exchange Coinbase. Brooks has built a reputation for being open to financial innovation. He has always been loyal to digital technology, cryptocurrency industry and blockchain.
Brooks believes that the US should develop the DeFi industry and not stop US firms from creating private stablecoins. This will allow the country to lead in the field of finance.
“I believe that our big, daring and dynamic country can succeed, but this can be done not at the expense of influential market players. Success will come through the implementation of “disruptive” ideas that are scary today, but will be needed tomorrow “-
wrote Brooks.
He added that cryptocurrencies, stablecoins and DeFi could replace traditional banks. According to Brooks, the flow of money into cryptocurrencies is constantly increasing, and banks dictate to people what they can do with their funds and what not. Stablecoins pegged to the US dollar will help it remain a competitive means of international settlement. Non-depository financial institutions will help develop the economy and provide customer protection. Brooks believes cryptocurrencies can protect money from inflation and depreciation under current US monetary policy as the US Federal Reserve (FRS) is pumping more money into the market.
Brooks is convinced that the government should expand the financial freedom of every citizen of the country, not limit it. Banks and financial corporations must provide the public with services in which they are interested and for which people will be willing to pay. But often such organizations reject revolutionary ideas and new economic solutions. Brooks said that unlike traditional banks, DeFi is an open financial system that “returns power to the people.”
Under Brooks, the OSS took steps to bring banks closer to the cryptocurrency industry. In the fall, the department allowed American banks to hold funds to secure stablecoins, and also made it easier for cryptocurrency companies to access banking services.
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