Coinbase’s Chief Legal Officer Resigns to Oversee US National Banking System

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Amid an ongoing world well being and monetary disaster, Coinbase, one of the vital well-liked cryptocurrency buying and selling platforms in america, is dropping one other key govt.

Brian Brooks, Coinbase’s chief authorized officer will resign from the corporate to be part of the Workplace of the Comptroller of the Foreign money (OCC), an impartial banking regulator working beneath the U.S. Division of the Treasury, the OCC introduced on March 16.

Well-known crypto skeptic Treasury Secretary Steven Mnuchin appointed Brooks

In accordance to the official announcement, Brooks has been designated as first deputy comptroller — the company’s second-highest place — by Treasury Secretary Steven Mnuchin. Brooks will even function the OCC’s chief working officer efficient April 1, the announcement reads.

A identified sceptic of cryptocurrencies like Bitcoin (BTC), Mnuchin outlined Brooks as a “robust chief with intensive expertise within the monetary companies sector,” including that he’s excited to work collectively to foster the monetary system and larger financial development.

Coinbase is proud that their crypto-friendly authorized officer will be part of the authority

Coinbase mentioned in an electronic mail to Cointelegraph that the corporate is happy to know that their authorized officer is becoming a member of the OCC to oversee the nation’s banking system, noting that Brooks will certainly deliver a extra pleasant stance to crypto with him. Brooks has been main Coinbase’s authorized, compliance, authorities relations and world investigations teams since September 2018.

Outlining Brooks as “invaluable in shaping the Coinbase authorized and compliance applications,” a spokesperson at Coinbase mentioned:

“Within the midst of a public well being and monetary disaster, we’re comforted to know that Brian Brooks will serve on this vital function overseeing the nation’s banking system […] We’re at all times pleased with Coinbase alumni who go on to serve in authorities, bringing a crypto-friendly perspective with them.”

Aside from his departure from Coinbase, Brooks will even step down from the boards of administrators of the Federal National Mortgage Affiliation — generally referred to as Fannie Mae — and market lender Avant. Prior to becoming a member of Coinbase in 2018, Brooks additionally served as founding advisor at decentralized fintech venture Spring Labs, member of the compliance and knowledge safety committee at Avant and govt vp and basic counsel at Fannie Mae.

In early March, Treasury Secretary Mnuchin mentioned that the U.S. welcomes accountable digital innovation, nonetheless emphasizing that the company is concentrated on stopping illicit makes use of of crypto like cash laundering and terrorist financing. Reiterating his skepticism of the trade, Mnuchin mentioned that the U.S. “is not going to tolerate the usage of cryptocurrencies in help of illicit actions.”