The head of the US Comptroller of the Currency’s office supports crypto

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Posted on: June 5, 2020 5:51 pm EDT

Brian Brooks wants to see the fiat and crypto spaces start to work more closely together

The Office of the Comptroller of the Currency (OCC) announced yesterday that the office will ask banks and cryptocurrency firms to give their opinions on how both financial activities can interact together. The new acting head of the office Comptroller of the Currency, Brian Brooks, who is also a former Coinbase lawyer, referred to his list of priorities as his main focus. Through an Advanced Notice of Proposed Rulemaking, Brooks is asking banks and crypto industry leaders to respond to several questions to give input to the office.

“What activities related to cryptocurrencies or crypto assets are financial services companies or bank customers engaged in and what are the barriers or obstacles to further adoption of crypto-related activities in the banking industry?” Brooks spoke to Cointelegraph, adding that the announcement is a way to close the gap between traditional financial systems and crypto. “Ways the cryptocurrency regime needs banking services, ways that they need to transact across the bank rails, etc. So we have affirmatively come out and said, give us information about what crypto needs from banking and banking needs from crypto because we want to really do something in that space,” said Brooks.

This is a great step for the major banking regulator within the United States Treasury. The OCC states that this announcement is part of a several changes that originated since Brooks took the leadership of the office since this week. He actually joined the OCC from Coinbase, where he served as the chief legal officer, which is why he is focused on a proper cryptocurrency integration into the US economy.