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Episode 196 of 235

Acting Comptroller of the Currency Brian Brooks on Crypto Banks - Ep.196

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station description Your No-Hype Resource for All Things Crypto
‎Unchained
Duration: 48:48
Brian Brooks got his start in traditional finance before joining Coinbase in 2018 and is currently the acting comptroller of the currency. In this episode, he discusses: how his background in traditional financial services led him to take a position at Coinbase whether the role blockchain and crypt
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Brian Brooks got his start in traditional finance before joining Coinbase in 2018 and is currently the acting comptroller of the currency. In this episode, he discusses: how his background in traditional financial services led him to take a position at Coinbase whether the role blockchain and crypto will likely play in the financial future is being recognized at the federal level whether or not banks have always had the authority to custody crypto for their customers how he expects things to unfold in the coming years as banks begin to become more involved in crypto custody his thoughts on Kraken and others launching crypto banks and whether it will lead to the founding of other crypto banks how his office is pushing for a national fintech charter, and how it could affect less crypto-friendly states whether banks that work with crypto companies supporting unhosted wallets are prohibited from holding stablecoin reserves whether or not OCC regulations cover DeFi, and the regulatory challenges that open source protocols present whether he sees a time when governments and regulators participate in the governance of crypto platforms what roles he thinks public and private sectors, as well as commercial banks, should play in the creation of a central bank digital currency what stance the OCC might take around privacy in blockchain transactions how U.S. regulators can offer more clarity to the crypto industry and how he thinks the pandemic, its effect on the economy, and the government’s response through stimulus will affect the crypto industry   Thank you to our sponsor! Crypto.com: https://www.crypto.com   Episode links:  Brian Brooks: https://twitter.com/BrianBrooksOCC Office of the Comptroller of the Currency: https://www.occ.gov   Letter to authorize banks to provide crypto custody services for customers: https://www.occ.gov/topics/charters-and-licensing/interpretations-and-actions/2020/int1170.pdf   The significance of the letter for banks and crypto companies: https://www.forbes.com/sites/matthougan/2020/07/27/the-occs-notice-on-crypto-is-a-really-big-deal/#13aad8806301   The OCC’s statement on federally chartered banks and crypto custody: https://www.occ.gov/news-issuances/news-releases/2020/nr-occ-2020-98.html   His support for a federal licensing framework for crypto companies: https://www.coindesk.com/us-banking-regulator-suggests-federal-licensing-framework-for-crypto-firms   Questions about the OCC’s stablecoin guidance https://www.coindesk.com/questions-occ-first-guidance-stablecoins   CSBS “One Company, One Exam” policy: https://www.coindesk.com/csbs-firms-explained   Battle with states over federal licensing program: https://www.politico.com/news/2020/08/31/currency-comptroller-reshape-banking-406393    FinCEN’s 2019 Regulatory Guidance: https://www.fincen.gov/news/news-releases/new-fincen-guidance-affirms-its-longstanding-regulatory-framework-virtual   Federal Reserve says it is exploring a central bank digital currency: https://www.coindesk.com/fed-reserve-evaluating-digital-dollar-but-benefits-still-unclear-says-chairman    His view that a CBDC should be designed by the private sector:  <a href="https://www.theblockcrypto.com/post/69216/heres-how-brian-brooks-disagrees-with-
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