Brian Brooks, the former chief legal officer of Coinbase , was recently appointed acting director of the Office of the Currency Controller (OCC) of the Trump administration.

Brooks has been open to exploiting the merits of blockchain and cryptocurrency at his new post, according to a recent interview.

OCC Trump chief loves blockchain and crypto

Brooks was the legal director of the largest U.S.-based cryptocurrency exchange from 2018 to just recently. He was responsible for the legal, compliance, internal audit, government relations and global corporate intelligence departments.

After two years in the digital asset field, he took up the position of head of the OCC. Forbes recently interviewed him about his new position and his possible relationship with cryptocurrencies, regulation and technology.

“The blockchain has the potential to connect, in a decentralized network, all kinds of data. It has the ability to create large, decentralized, frictionless networks of people. There is a huge and big promise in blockchain and crypto. "

Commenting on the traditional methods used by banks to transfer money, Brooks said, "It takes three days if you are trying to send money from the United States to Europe over the SWIFT network. Your money is in danger during this time. And even when money is passed on, exchange fees are incurred. But a numerical representation of the value on both sides of the transaction can eliminate this friction and these costs. " 

The United States must catch up

Brooks also believes that the United States lags behind other countries, which could put states at a disadvantage in a digital world. "It took the Fed ten years to get where it is with the Fed's version of faster payments - against the blockchain, which is instant and immutable," he added.

Despite understanding and explaining the benefits of Bitcoin , Ethereum and XRP , Brooks does not believe the federal government should issue a central bank digital currency (CBDC).

“I am not in favor of a token created by the government. Honestly, I don't think it's the role of government. But I think the Fed and the SEC need to put in place frameworks for what digital currency should be. "

OCC lacks technological advancements

The acting head of the OCC also mentioned the delay in the technology still used by the institution. For example, he said that specific OCC regulations require certain documents to be faxed and that banks must keep a fax number. “These were written at a time when faxes were cool technology. Now these are warrants, ”noted Brooks.

He believes that by establishing clear regulations on emerging technologies, such as blockchain, this could open the door to further adoption, even by old-school institutions.

“I am very optimistic about the technology. Things like AI, things like blockchain, have a better ability to tap into the wisdom of crowds. It can look at more data points than the human mind can imagine. This gives you a better idea of ​​what is likely to happen tomorrow, ”concluded Brooks.

Brooks Sells Coinbase Inc Stock Options

Brooks had to liquidate $ 4.6 million of Coinbase stock options when he left the stock market when he exited the stock market, Bloomberg reported.

He also pointed out that, apart from stock options, his salary was $ 1.4 million a year when he occupied the CLO position at Coinbase . However, by running the OCC, he would make much less - about $ 300,000 a year.

He submitted a letter through the OCC ethics office outlining the companies he will avoid due to possible conflicts of interest. Some of these companies include Amazon.com Inc, the Merrill Lynch unit of Bank of America Corp., Coinbase and other technology companies he has worked with.