Trump nominates crypto advocate as Comptroller of the Currency

November 19, 2020
By Sam Grant

President Donald Trump has put forward Brian Brooks’ name to serve as the head bank regulator

In what may be his last appointment as US President, Trump has chosen Brian Brooks for the full five-year term as head of the office of the Comptroller of Currency (OCC). President Trump’s term will be expiring in two months after losing the US presidential elections to Joe Biden earlier this month.

Brooks is a former Coinbase employee, where he served as the chief legal officer. He has been temporarily serving as the Acting Comptroller of Currency for about six months since 29 May. He will officially succeed Joseph Otting as the 32nd head of the OCC when his nomination to the position is solidified.

To assume the position, Brooks will first have to get approved by the US Senate. However, before that, he will first need to go through the confirmation hearing of the Senate Banking Committee that keeps an eye on the OCC. The two processes need to be completed before 20 January, when Biden will be inaugurated.

Overall, Brooks is considered a friend to cryptocurrency. In his interim position, he oversaw several reforms that favoured the sector, establishing several policy initiatives in the crypto space.

His office’s most significant effort so far has been the move to allow national banks to have cryptocurrency custody. He has also received criticism on other issues. At the beginning of the month, some Democrats wrote to Brooks, reproving him for not directing attention to problems brought about by the pandemic.

Brooks verbalised his gratitude for being put forward by President Trump to serve the role. In a statement, he said,” The OCC aims to promote fair access to capital and credit for the hundreds of millions of customers the federal banking system serves. We strive to make sure banks remain capable of providing the financial services that businesses and communities depend on to conduct their important activities each day.”

If Brooks is not officially sworn as head of the OCC before the inauguration date, the will-be President Joe Biden has the powers to nominate another candidate.