The leading US bank regulator is Bitcoin-friendly to solve banking problems with decentralization


The new administration of the Trump administration's new leading banking regulator sees the huge and great promise of cryptocurrencies. Focusing on decentralized networks, bitcoin and rewriting existing regulations, he shares his views on cryptocurrencies and the creation of digital dollars.

The leading US bank regulator is Pro-Crypto
Brian Brooks recently became the new Composer of the Monetary Department, the top administration of the Trump administration. The 51-year-old has experience with cryptocurrencies, having previously been a general adviser for bitcoin exchange Coinbase. Discussing his views on cryptocurrencies, regulations, and technology, Brooks told Forbes:

There is a big and wonderful promise in blockchain and cryptocurrency.

He explained: Blockchain has the potential to connect, in a decentralized network, all kinds of data. It is capable of creating large, frictionless, decentralized networks of people. Brooks believes that Wikipedia's blockchain is the solution to our problems, conveyed by Forbes. I'm very positive about technology, things like AI, things like blockchain are better able to capitalize on the wisdom of the crowd, he's quoted.

The leading US bank regulator is Bitcoin-friendly to solve banking problems with decentralization


Brian Brooks has become the new acting Comptroller, the leading US banking regulator for the Trump administration. He was formerly a general adviser for Coinbase.
As a currency coordinator, Brooks is an administrator of the federal banking system and a director of the Office of the Money Transmitter (OCC). OCC oversees nearly 1,200 national banks, federal savings associations, and branches and federal agencies of foreign banks that conduct about 70% of all banking business in the United States, Comptroller is also the director of the Federal Deposit Insurance Corporation (FDIC).

A commercial lawyer, Brooks joined the OCC in March as chief executive, appointed by Treasury Secretary Steven Mnuchin. The former banker was formerly executive vice president and general adviser at Fannie Mae. He, Mnuchin and former CEO Joseph Otting worked together at Onewest Bank in Pasadena, California, which was heavily criticized for foreclosure activities in the years following the financial crisis.

New leading bank executives share their views and policies on cryptocurrencies
Discussing his views on cryptocurrencies, Brooks told the publication that he was looking for decentralized networks in general - he cited bitcoin, ether and XRP in particular - to address many of the obstructing issues. more than a thousand financial institutions under his consideration, Cory Johnson contributed in detail.

The new acting composer also revealed that he is focusing on rewriting the bank's current regulations on digital operations. Citing banks Ancient methods of money transfer, he said it took three days to transfer money from the United States to Europe on the SWIFT network. Not only do people have money at risk during that period but they also incur foreign exchange fees, he noted, adding that these problems can be eliminated by using digital assets.

The leading US bank regulator is Bitcoin-friendly to solve banking problems with decentralization

Brian Brooks, a new monetary composer for the Trump administration, wants to reform the U.S. payment system. He criticized the ancient rule, considering the United States lagging behind other nations in modernizing the payment system as a threat.
Moreover, Brooks sees a threat in other countries modernizing their payment systems, leaving the United States behind. Criticizing the faster-paying Fed version, he revealed: There is an O.C.C. regulations requiring certain things to be transmitted via fax and requiring banks to maintain fax numbers. They were written at a time when fax was a great technology. Now they trust.

In regards to the digital dollar, Brooks is skeptical about the federal government enacting it. He said:

I don't support a token created by the government I just don't think the role of government is quite honest. But I think the Fed and SEC need to lay out the frameworks for what digital currencies need to have.

Meanwhile, the most crypto-friendly commissioner with the U.S. Securities and Exchange Commission (SEC) is set up to serve another term. Commissioner Hester Peirce, commonly known in the crypto community as Crypto-mom, the mother was nominated for another term as a SEC commissioner. Her current term will expire this month but the trustees can serve up to 18 months after the expiry. Peirce nomination needs to be confirmed by the Senate.

A strong supporter of the SEC approved bitcoin exchange traded funds (ETFs), she introduced Token's Safe Harbor Proposal in February to bridge the gap between regulation and decentralization, suggesting a The grace period is three years for tokens. The commissioner recently stated that there is a growing demand for cryptocurrencies, especially from institutional investors.