President Trump has made several nominations, amongst them being that of the Office of the Comptroller of Currency (OCC), where former Coinbase Chief Legal Officer Brian Brooks is currently at the helm acting capacity. He has now been nominated to serve in a permanent position for the next five years, should the lame-duck senate approve his appointment.
Brooks assumed his acting role at the OCC in May after Joseph Otting resigned from the position, prompting Treasury Secretary Steven Mnuchin to replace him. Before this, he had served as Coinbase’s general counsel, a background that made stakeholders optimistic of a more crypto-friendly OCC. Unsurprisingly, Brooks has introduced significant changes in line with Fintech and crypto services.
One of his office’s most popular moves was the announcement that regulated U.S banks could offer crypto custodial services. Since then, U.S banks have loosened their gun-shy approach towards crypto with some launching services in this niche. The OCC also announced in September that these financial institutions could further extend their services to stablecoin providers.
In a recent Forbes interview, the acting OCC head elaborated some options that payment companies, including crypto, can pursue to receive a federal bank charter. Per the breakdown by Brooks, firms can acquire this charter by applying for a non-depository bank charter, National Trust Bank Charter, or buying a depository institution.
Confirmation Still Uncertain
With the U.S elections just recently concluded, the Brooks appointment by outgoing President Trump could face some challenges if the senate does not act before Jan 20. This is when President-elect Joe Biden is expected to assume office, which means he could nominate another person for the position.
Notably, Brooks has faced a backlash from the Democrats in the past, especially with handling the COVID-19 pandemic. His appointment will first go through the U.S banking senate committee, which will hold a confirmation hearing before a decision is voted in the senate.
Meanwhile, Brooks has already welcomed the nomination by President Trump, noting that he will continue to advance the mission of the OCC if confirmed,
“As Acting Comptroller of the Currency, I am proud to contribute to this 157-year-old mission.
If confirmed, I will work ceaselessly to ensure the agency continues to fulfill its critical mission and the men and women of this agency have the resources, training, and leadership they need to succeed in their duties.”