The chief legal officer at the cryptocurrency firm Coinbase has switched to take a major role at US bank regulator OCC. Recent reports indicated that Mr. Brooke will be the second in command at the US office of the Comptroller of the Currency (OCC).
Department of Treasury Secretary Steven Mnuchin welcomed Mr. Brooks at the OCC saying he is happy to reunite with one of his compatriots.
Meanwhile, the OCC has already announced Brookes’s appointment mentioning that his appointment is effective from April 1, 2020. Further reports indicate that Brooks also formerly worked as Executive VP at Fannie Mae, General Counsel and Corporate Secretary at the same organizations.
According to the Treasury Secretary Brooks appointment is meant to ensure the stability of the US financial system. The OCC is the official regulator and supervisor of all national banks and financial institutions in the United States. The agency was set up in 1863 as an independent entity to make sure banks meet the set capital and risk requirements.
Mr.Brooks is Believes in Cryptocurrency
In the past, Brook publicly spoke in support of cryptocurrencies and digital currencies in general. He has a broad portfolio of experience in banking, legal and Financial Technologies. The US treasury secretary describes him as a person with a deep understanding of the financial service industry.
The treasury secretary further mentioned that they were fortunate to involve such an experienced person in the professional team. Mr. Brooks in the past has been very vocal about developing private digital currencies for the United States. He revealed last year in an article that corporations stand the best chances to develop a digital version of the USD.
Meanwhile, Coinbase revealed that they were very excited for the cryptocurrency supporter’s appointment into one of the biggest financial offices of the United States. Coinbase’s spokesperson said Brooks is an amazing and accomplished leader who had accomplished a lot in developing Coinbase’s compliance program.