Former Acting Head of the OCC, Brian Brooks, Joins Blockchain Start Up, Spring Labs
The Former OCC head joins Spring Labs Inc. in an advisory and executive role months after leaving public office.
A press release on Monday confirmed the former acting head of the U.S. Office of the Comptroller of Currency (OCC), Brian Brooks, is joining Spring Labs, a fintech firm focusing on sensitive data transfer, as an independent director. Brooks previously worked as the head of legal service at Coinbase before joining the public sector.
Spring Labs is a sensitive data network that relies on cryptography allowing data privacy and transaction transparency to solve the challenge of protecting confidential data while still regulating the transactions made by the parties. The company is “transforming financial data exchange in a better way for consumers,” Brooks said in a statement. He added,
“I launched my financial inclusion initiative Project REACH while at the OCC, and I look forward to working with the Spring Labs team to bring the benefits of financial services to more Americans while reducing cost and increasing security for everyone.”
The U.S. base blockchain startup has raised over $38 million in two separate funding rounds, the latest round fetching $23 million led by Galaxy Digital and General Motors (GM) Financials. Brooks believes the firm built on his goal when he was OCC acting head as it pushes for crypto adoption and integration of digital assets into the traditional financial system.
Spring Labs recently announced they had acquired a license to track the billion-dollar energy loans market's liens registry. The project aims at streamlining the loaning process using decentralized tech to cut frauds and increase overall efficiency.
Adam Jiwan, the co-founder of Spring Labs, stated his admiration for Brooks and his achievements during his short time at the OCC's helm in a statement to our desks. He said,
“Brian has a remarkable perspective on where the industry is headed, and his experience has given him a unique lens on transformative technologies and how they are being adopted.”
“We are thrilled that he shares our vision as we build the secure rails for data exchange.”
Brian’s unilateral crypto decisions at his time at the OCC raised questions from the U.S. Senate but did not stop him from creating history. Brooks offered Anchorage, a digital assets custodial service, its Trust Charter, making it the first-ever crypto bank in the U.S. However, the new OCC head has halted the “fair access banking” rule proposed by Brooks that could see crypto exchanges receive the same banking treatment as other companies.
Spring Labs also appointed Gary Cohn, former chief economic advisor of the former U. S. President, Donald Trump, as an advisor in 2018 before leaving to become the Vice President of IBM’s board of directors earlier this year.