Coinbase Loses Chief Legal Officer To US Office of the Comptroller of the Currency

Brian Brooks, the chief legal officer of Coinbase, has left the crypto exchange in order take the second senior role with the US Office of the Comptroller of the Currency (OCC).

The announcement was made by the OCC on Monday. It says that Steven Mnuchin, the US Treasury Secretary, has appointed Brooks as deputy starting with April 1. Brooks used to be Fannie Mae’s general counselor, corporate secretary and executive vice president. He also worked as chief legal officer for Coinbase from September 2018. Mnuchin said the cooperation with him will improve the financial system’s security.

What Does the OCC Do?

The OCC supervises and regulates US financial institutions and national banks. It was formed back in 1863 and is an independent entity that makes sure banks meet risk requirements and capital. Joseph Otting, who runs the OCC, was nominated and sworn by President Donald Trump back in 2017. About the collaboration with Brooks, he said that it will bring to the agency extensive banking, career and legal innovation. Here are his exact words about Coinbase’s former chief legal officer:

“He is a visionary thinker with a passion for service and a deep understanding of how the financial services industry supports our nation's prosperity. We are fortunate to attract such an experienced and talented individual to join our federal agency.”

Brooks Supported the Development of a Private Digital Currency in the US

Brooks has been very vocal when it comes to the US creating a private virtual currency. He even wrote in the Fortune Magazine, back in 2019, that the digital dollar would be better built by private corporations. Furthermore, he conceptualize a process in which the public sector sets the monetary policy and the private space builds the actual technology for it. Here’s what a spokesperson for Coinbase said about Brooks and its future role at the OCC:

“Brian is an amazing and accomplished leader who has been invaluable in shaping the Coinbase legal and compliance programs, and helping policymakers and regulators better understand the opportunities and benefits of crypto. We’re always proud of Coinbase alumni who go on to serve in government, bringing a crypto-friendly perspective with them.”