Online future for finance is inevitable, says OCC’s Brooks

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The outgoing leader of the Office of the Comptroller of the Currency is convinced that the future of finance is native to the blockchain, in a conversation with crypto analysis firm Elliptic on Wednesday.

Described by Elliptic CEO Simone Maina as “a fairy godfather of the crypto industry,” Brooks has been a leader in U.S. federal crypto policy since his takeover of the crypto industry. controller Joseph Otting in May. Today he set out the views that follow an opinion piece he wrote yesterday for the TBEN.

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Namely, Brooks took the opportunity to promote his vision of an OCC that checks algorithms rather than bankers for responsible behavior: “Imagine a world where we give charters to software rather than individuals.”

The vision is part of Brooks’ overall work to advance a national charter for non-depository financial institutions – which critics have called a “non-bank charter.” In broader terms, the Acting Comptroller saw the technological change for which he is trying to prepare laws as inevitable:

“My thesis is that it is inevitable that the future of finance will unfold on the Internet as information did 25 years ago, and we have to prepare banks for this world and we have to prepare banking charters for it. world.”

Describing the recent political misleading of social media and payment processors as “frightening,” Brooks went on to say that:

“Crypto is about freedom. There is no CEO to deport. If you didn’t think freedom mattered last week, you should believe it matters today.

However, Brooks has confirmed what has long been suspected: his time at the OCC will end with Biden’s new administration. “There will be another controller and it won’t be me,” he said.

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