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OCC Director Brian Brooks Retires

Brian Brooks, Director of the Office of the Comptroller of the Currency of the United States (OCC), is leaving office. Brooks has supported cryptocurrency and blockchain innovation in the banking sector.

According to a press release, Brian Brooks, who has led the OCC since May 2020, will step down as director since January 14. He will be temporarily replaced by current OCC COO Blake Paulson. Brooks said:

“It has been a great honor for me to serve the United States as Director of the OCC. OCC is the most extraordinary of federal agencies, employing the most dedicated, professional and gifted employees any executive can hope for. I am immensely proud of what we have achieved together in unusual, by any measure, times. ”

The OCC noted Brooks’ recommendations for regulating cryptoassets that have grieved several Democratic lawmakers who say he should shift the focus to addressing the coronavirus pandemic. As director of OCC, Brooks has repeatedly spoken out in favor of cryptocurrency and blockchain innovation in the banking sector.

“The actions we have taken as a team will help keep the federal banking system safer, safer and more equitable for decades to come,” Brooks said.

Recall that in January, Brian Brooks called for the development of modern regulation of cryptocurrencies and banks and stated that outdated rules impede the development of DeFi.

In the fall, he expressed the opinion that some American banks are considering the possibility of cooperation or purchase of cryptocurrency custodians. He also suggested that banks could become the nodes of blockchains, and that the issue of cryptocurrency regulation should be decided by the market, not the government.

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