Binance US Appoints Former OCC Head Brian Brooks as CEO
Brian Brooks, the acting head of the Office of the Comptroller of the Currency (OCC) under Donald Trump’s administration, noted in a Wall Street Journal report today that he would be working as Binance US CEO on May 1, 2021.
Brooks’ Career at the OCC
During his tenure as acting head at the OCC, Brooks was friendly toward cryptocurrencies despite Trump’s public dislike for the asset class, especially Bitcoin.
The regulator’s support for crypto assets earned him the title “CryptoComptroller” across various social media platforms. One of the measures he took in support of cryptocurrencies was to allow financial institutions in the country to hold the assets on behalf of their customers.
The move contributed to the growing interest in Bitcoin (BTC) among U.S.-based banks and institutions.
Brooks was also in charge of the OCC when banks were given the green light to use stablecoins such as USDT, USDC, Dai, among others, to conduct payment activities and other bank-permissible functions.
Binance Global Determined to Woo U.S. Regulators
Brook’s appointment comes at a time when Binance Global is still making efforts to woo United States regulators in order to obtain the legal requirement to operate in the country.
The world’s largest exchange has taken several steps toward being in the good books of U.S. regulators, including onboarding past government officials with impressive credentials.
Although Brooks may not have the full capacity he had while he was acting head of the OCC, his affiliations with active government officials could help pave the way for Binance.
Meanwhile, Brook’s Binance.US appointment is not the first time the former OCC boss will be working for a crypto-related firm.
Between 2018 and 2020, Brooks was Chief Legal Officer at the popular San Francisco-based exchange Coinbase, where his responsibilities included being in charge of the firm’s legal matters, internal audits, and government regulations.
U.S. Reportedly Planning To Regulate Bitcoin
An earlier report today revealed that the Biden administration is in its early stages of developing a regulatory framework for bitcoin and the entire crypto market.
Sources familiar with the matter claim that Gary Gensler, the newly appointed chair of the U.S. Securities and Exchange Commission (SEC), is awaiting a green light from the Treasury Department to develop regulatory guidelines that will focus on crypto infrastructure and taxation.