US Treasury Secretary Steven Mnuchin, a long-time cryptocurrency and Bitcoin skeptic, has named Brian Brooks as one of the countryâ��s top banking regulators. Brooks will serve as the next Chief Operating Officer and First Deputy Comptroller of the Office of the Comptroller of the Currency (OCC) after stepping down from his role as the chief legal officer at Coinbase, the largest cryptocurrency exchange in the United States.
The OCC, established in 1863, is the primary regulator of banks and federal savings associations in the US, issuing rules and regulations that govern the banks it supervises and taking supervisory actions against banks that fail to comply or otherwise engage in risky practices.
Brooksâ appointment to oversee the countryâs banking system may signal a changing tide at the US Treasury given Mnuchinâs anti-crypto rhetoric and remarks made last year that he sees no need for the US to launch a digital currency. Brooks is an outspoken proponent of making the United States a leader in digital currencies specifically by launching a US digital dollar.
He wrote in a piece published by Fortune in November of 2019,
âThe time has come for a tokenized version of the dollarâand itâs not just those of us in the cryptocurrency world who think so. In recent months, senior U.S. officials have been exploring the idea of minting greenbacks on the distributed ledger software known as blockchain. The idea appears inevitable.âÂ
Mnuchin is tapping Brooks âto ensure the stability of our financial system and its ability