OCC’s Brian Brooks thinks that DeFi can root out bias and fraud in traditional banking

In an opinion piece published in the Financial Times on Tuesday, Acting Comptroller of the Currency Brian Brooks put forward the need to reconfigure banking regulations for an age of algorithms.  Brooks, who currently leads the Treasury’s Office of the Comptroller of the Currency, compared existing banking regulations to traffic laws. He further used the analogy of self-driving cars for new steps in decentralized finance. “Just as the original rules of the road protected us from other drivers, so our current bank regulations exist mainly to prevent human failings,” wrote…

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OCC’s Brian Brooks Says China Owns Bitcoin but Crypto World Disagrees: Chinese Crackdown Pushes Miners Away

Bitcoiners on social media have panned remarks by acting U.S. currency comptroller Brian Brooks that bitcoin is owned by China due to the country’s disproportionate share of the crypto’s mining power. The bitcoiners argue that the disproportionate number of miners stationed in China only means the corresponding block rewards will reflect this imbalance. They add that no country owns bitcoin. Controlling Internet 2.0 According to Brooks, who has been tapped as the substantive director of the Office of the Comptroller of Currency (OCC), bitcoin miners in China possess more than…

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OCC’s Brian Brooks Against Government Issued Digital Dollar – Supports Regulation of Privately Issued Stablecoins

The acting director of the U.S. Office Comptroller of Currency (OCC) Brian Brooks says the creation of the U.S. digital dollar is a terrible one because the government is not good at building things. Instead, Brooks believes tech companies, which already possess the know-how, to be in a better position to issue stable digital currencies. He says the U.S. government needs to focus on doing what it does best-regulation. Growing Stablecoin Supply The acting comptroller of currency’s comments come as reports suggest the US is currently working on a digital…

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